**Tech Stock Plunge: Microsoft and Meta Lead Market Decline**

Thursday witnessed a dramatic downturn in tech stocks, spurred by investor unease regarding third-quarter earnings. The market saw Microsoft and Meta take significant hits, leading to drops in major U.S. indices, marking one of the steepest falls in nearly two months.

Microsoft Corporation experienced a sharp decline, tumbling over 5% during midday trading in New York. This marked its worst session in two years. Despite the company exceeding earnings estimates for the third quarter, its projection of slower growth in its Azure cloud segment cast a shadow on future revenue prospects, prompting the sell-off.

Meta Platforms Inc. also faced a tough day, sliding more than 4%. The social media giant managed to post a robust quarterly performance; however, its forecast of substantial capital expenditure growth in 2024, especially for AI infrastructure, raised concerns amongst investors.

The pullback wasn't limited to just Microsoft and Meta. The elite "Magnificent Seven" tech group collectively lost almost $500 billion in market capitalization within a single day, after peaking at a record $16.8 trillion. Investors are now eagerly awaiting earnings reports from Apple Inc. and Amazon.com Inc., scheduled to be released post-market close.

The broader market did not fare much better. The S&P 500 fell by 1.4%, while the Nasdaq 100, with a high concentration of tech stocks, slid 2.2%, both witnessing their most significant losses since September 6. The CBOE Volatility Index (VIX) also surged 12%, indicating heightened market anxiety.

This wave of risk aversion affected various asset classes. Commodities such as gold and silver took a hit, with gold prices dropping 1.7%—their worst day since July—and silver plummeting 3% following a 2% decrease the previous day. The crypto market wasn't spared either; Bitcoin slipped 2.4%, while related stocks saw considerable losses, including Coinbase Global Inc., which plunged over 10% due to disappointing earnings, marking its worst day since May.