Power Breakfast: Google Cloud Turns Profit For The First Time, Alphabet Authorizes $70 Billion Buyback

US futures showed recovery after yesterday's decline. There has been a big decline of 1-2% in the US markets. The Dow fell 350 points to close at the day's low. Whereas, Nasdaq declined by 2% due to pressure on veteran IT stocks. The bond yield slipped to 3.4%. The stock of First Republic Bank fell 50% and closed at a record low. Despite record results, GM's stock slipped 4%. Google's cloud business turned profitable for the first time. Alphabet announced a buyback of $70 billion.