Nasdaq down 1.46% (Il Sole 24 Ore Radiocor) - New York, 24 Jul - US shares opened 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.

In early trade Tesla shares fell 9.6% while Alphabet was down 4.3%.

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 3.6%. IBM and Ford will release results after the close.

Investors will track a slate of economic data on tap today.

These include advance manufacturing and services PMI which will offer clues into how the economy is faring amid easing inflation but still high borrowing costs.

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 Just after the opening bell the Dow Jones was down 204.51 points, or 0.51%, at 40,153.58, the S&P 500 was down 53.56 points, or 0.96%, at 5,502.18 while the Nasdaq was down 263.23 points, or 1.46%, at 17,734.12.

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(RADIOCOR) 24-07-24 15:42:06 (0561) 5 NNNN