Alphabet is underperforming the broader Communication Services sector. The sector gained 0.18% on Tuesday, even as Alphabet shares fell.
Market breadth remained slightly positive. Six of the 11 major sectors traded higher, with an advance-decline ratio of 1.2.
However, investors favored more defensive and cyclical areas of the market. Energy led with a 1.23% gain, while Industrials rose 0.65%.
BNP Paribas Keeps Outperform Rating
Wall Street remains bullish on Alphabet’s longer-term prospects, particularly as artificial intelligence drives demand across its advertising and cloud businesses.
