DJIA down 389.29 points (Il Sole 24 Ore Radiocor) - New York, 24 Jul - US shares were trading broadly lower as disappointing earnings from Tesla and Alphabet hammered the tech sector.

In results released after market close yesterday EV maker Tesla posted profits that fell for the second straight quarter, missing analyst estimates amid slower demand for electric vehicles and fiercer competition.

Google parent Alphabet fared better on its bottom line but indicated weakness in its Youtube advertising business.

Tesla shares fell 11.8% while Alphabet was down 3.8%.

More than 20% of companies in the S&P 500 have reported earnings in their latest-quarter with around 80% of these beating expectations. A rotation into smaller stocks, largely neglected in this year's tech-driven rally, proceeded with the Russell 2000 index up more than 1%.

In today's earnings AT&T beat on subscriber numbers sending its shares up 4.7%. IBM and Ford will release results after the close.

On the data front, the flash US manufacturing purchasing managers' index slipped to 49.5 in July from 51.6 in June, missing expectations for a rise to 51.7; while the flash US services purchasing managers' index business activity index rose to 56.0 from 55.3 in June, topping forecasts and marking a 28-month high for the index.

Federal Reserve officials Logan and Bowman are scheduled to speak at events later today with the market currently betting conditions will be in place to allow a first interest rate cut in September At 1613 GMT, the Dow Jones was down 389.29 points, or 0.96%, at 39,968.80 points.

The S&P 500 was 89.24 points, or 1.61%, lower at 5,466.50 points.

The Nasdaq was losing 449.46 points, or 2.50%, at 17,546.29 points.

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(RADIOCOR) 24-07-24 17:17:55 (0643) 5 NNNN