CNBC Daily Open: Tech retreats; Starbucks same-store sales decline for second straight quarter

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe  here .

Big Tech earnings
The S&P 500 and the Nasdaq Composite closed lower on Tuesday as tech weighed on the two stock indexes and investors awaited quarterly earnings from megacaps Meta, Apple and Amazon later this week. The broad market index retreated 0.5%, while the Nasdaq Composite tumbled 1.28%. The Dow Jones Industrial Average, with less exposure to tech, gained 0.5%. Nvidia pulled back 7% and Microsoft fell 0.9% during the normal session before reporting earnings after the bell. Treasury yields slipped while gold climbed ahead of this week's Fed meeting. U.S. oil prices U.S. oil prices fell amid concerns about China's economy.

Cloudy for Microsoft
Microsoft lost as much as 7% in after-hours trade as results from its cloud business disappointed the Street. Cloud revenue grew 29%, but fell short of consensus for the first time since 2022. Still, Microsoft beat estimates as quarterly revenue increased 15% from a year ago to $64.73 billion and net income rose to $22.04 billion. Microsoft told staff it will pay a one-time performance-based cash award of up to 25% of annual bonus to rank-and-file employees.

Starbucks miss
Starbucks' quarterly revenue slid 1% to $9.11 billion, missing forecasts as same-store sales declined for the second straight quarter. Net income fell to $1.05 billion from $1.14 billion a year ago, though it met analysts' expectations. The coffee chain's same-store sales dropped 2% in the U.S. and a steeper 14% in China, its second-largest market, where both customer traffic and