US tech stocks tumbled in after-hours trading after some of the industry’s biggest companies reported disappointing results, roiling wagers that this year’s $5.5 trillion selloff had reached bottom.
The quarterly updates from Microsoft Corp., Alphabet Inc. and Texas Instruments Inc. underscored growing pressure on everything from corporate IT budgets to digital ad spending and chips for industrial machinery. Nasdaq 100 Index futures lost as much as 2.4%, reversing an earlier rally on Tuesday, as the results refocused investor attention on the damage to earnings and the economy from the Federal Reserve’s rapid interest-rate hikes.
“The global economy is at a ...
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