Stocks Fall as Alphabet's Disappointing Earnings Spark Tech Selloff; Fed Data Shows Persistent Inflation, Strong Growth

Alphabet dropped 12% after missing earnings and revenue targets, on track for its worst daily percentage decline ever. Marvell fell 12% on reports it is in advanced talks to acquire Lumentum. ServiceNow plunged 25% on weak subscription guidance. Fortinet fell 22% despite an earnings beat as investors locked in profits. Eli Lilly rose 6.4% on strong demand for its obesity and diabetes drugs. Norwegian Cruise Line gained 13% on a beat-and-raise quarter. Carvana surged 16% on record revenue. Crocs jumped 25% on a solid earnings beat and raised outlook. Sprouts Farmers Market tumbled 23% on disappointing results and a sales warning. Amazon fell 3.3% ahead of its earnings report after the close.