US stocks show mixed results as corporate earnings loom

US stocks were mixed at the opening of trading today, Feb. 5, with tech stocks declining after corporate earnings reports revealed weak data center revenue, along with the assessment of US labor market data.

The Dow Jones Industrial Average rose by 0.1%, or 36 points, to 44,592 points as of 5:37 pm Makkah time. Meanwhile, the S&P 500 dropped by 0.2% to 6,027 points and the Nasdaq Composite fell by 0.5%, or 103 points, to 19,555 points.

Alphabet's stock fell by 7% to $191.13, as investors assessed the company’s latest financial results, which indicated weak cloud computing revenue and raised concerns about a slowdown in the implementation of its AI strategy.

AMD’s stock declined by 10% to $107 after the company reported lower-than-expected data center revenue for Q4 2024.

Today’s data from ADP showed that the US private sector added 183,000 jobs in January, higher than the expected 150,000, compared to a revised 176,000 job openings in December 2024.