On Thursday, the s&p 500 index wiped out all gains from October, halting its longest monthly increase since August 2021, due to disappointing guidance from microsoft and meta platforms.

The s&p 500 index fell by 1%, the nasdaq 100 index fell by 1.5%. The dow jones industrial average index fell by 0.6%. Bloomberg's "Seven Giants" index fell by 1.8%. Nvidia fell by nearly 5% at one point, tesla rose by over 0.8% at the beginning of the session before falling by over 1.9%. Meta dropped by nearly 3.3% at one point. Google A rose by almost 1.4% before turning downward. Amazon fell by over 2.9% at one point, microsoft fell by nearly 6% at one point. Apple fell by nearly 1% at one point.

Meanwhile, as traders scaled back bets on aggressive rate cuts by the Federal Reserve and the economy showed strong signs, U.S. Treasuries saw the most serious monthly sell-off in about two years, causing U.S. bond yields to soar.

Microsoft's latest quarterly profit exceeded analyst expectations, and revenue also exceeded expectations, but the company's stock still plummeted due to investors and analysts examining potential disappointments. Many are focused on Microsoft's forecast for the future growth of its Azure cloud computing business, which is lower than some analysts' expectations.

At the same time, Meta Platforms, the parent company of Facebook, also released better-than-expected profit reports. For the company, investors are focused on Meta Platforms' warning that as the company continues to invest in developing artificial intelligence, next year's spending is expected to 'substantially accelerate'.

In recent years, the stock prices of Microsoft and Meta Platforms have soared, largely due to people's excitement about artificial intelligence and solidifying their positions in the most influential stocks on Wall Street. However, their outstanding performance in the stock market has led critics to suggest that the rapid increase in stock prices has made them too expensive, triggering high expectations for their earnings.

Among the influential stocks known as the 'Big Seven,' the two companies to announce their latest performance next are Apple and Amazon. They will release their financial reports after the close of trading on that day.

Quincy Krosby, Chief Global Strategist of LPL Financial, said, 'Overall, the market is disappointed with the guidance for large technology companies, especially with Meta's artificial intelligence spending and the slower integration of artificial intelligence with Microsoft's cloud platform than expected. In addition, there is an almost obvious belief that the election will not bring certainty to the market, but rather the opposite, causing a significant increase in volatility.'

Wall Street will also await the test of Friday's non-farm payroll data. Prior to this, US initial jobless claims dropped to the lowest level since May last week, as states in the Southeast continue to recover from the impacts of two severe storms. The Federal Reserve's preferred potential inflation gauge recorded its largest monthly increase since April, providing a reason to slow down the rate of interest rate cuts after a significant cut last month.