Alphabet’s shares fell 12.6%, their worst decline since they began trading more than 20 years ago, after the Google and YouTube owner reported summer growth below analysts’ expectations. Spending on equipment exceeded $51 billion and free cash flow deteriorated, fueling concerns about the returns on its artificial intelligence investments. The S&P 500 lost 0.3%, the Nasdaq composite tumbled 1.4%, and the Dow Jones Industrial Average dropped 132.54 points, even though four out of five stocks in the index advanced. DoorDash jumped 5.6% after announcing its $17 billion acquisition of Instacart, while Eli Lily rose 6.6%. The yield on the 10-year U.S. Treasury fell to 4.94% from 5.05%, and Brent crude oil declined 0.8% to $110.80 a barrel.
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