US consumer confidence fell in October by more than expected to a three-month low as widespread inflation and growing concerns about the economic outlook weighed on Americans. The Conference Board’s index decreased to 102 from a 108 reading in September. The pullback in confidence underscores how high prices across the economy and growing concerns that aggressive interest-rate hikes by the Federal Reserve will tip the US into recession are weighing on consumers.
Shares of Google parent Alphabet are lower after the company reported an earnings miss on both the top and bottom line, as YouTube ad revenue drops in the quarter. This was the weakest period for growth at Google since 2013 as there has been a large drop in online ad spending.
Share of Microsoft are lower after the company posted a 14% decline in profits in the most recent quarter. The company cited declines in PC sales for most of their decline.
General Motors shares rallied 4.5% after the automaker reported a better-than-expected third-quarter profit, helped by rebounding sales. GM also said supply chain constraints are easing, allowing it to increase inventories on dealer lots.