Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-1.0%), and DJIA (-0.8%) continue to drift lower just after midday.

Alphabet announced the pricing of its previously announced registered public offerings of Class A Common Stock, Class C Capital Stock and depositary shares representing interests in mandatory convertible preferred stock. The gross proceeds of these offerings, together with potential gross proceeds of Alphabet's previously announced $40 billion at-the-market offering program for the sale of Class A Common Stock and Class C Capital Stock over time, and concurrent $10 billion private placement, represent a total equity raise of $84.75 billion. The equity capital raise was upsized from the previously announced total equity raise of $80 billion.