Stock Market Today: S&P500 in biggest slump since 2022 as Alphabet, Tesla nosedive

Investing.com-- The S&P 500 closed sharply lower Wednesday, suffering its biggest one day lost since 2022 as tech stocks nosedived following underwhelming second-quarter earnings from heavyweights Alphabet and Tesla.Tesla’s profit margins fell to a five-year low as the electric vehicle maker aggressively cut prices to grapple with increased competition in key markets such as China.

"While the margin weakness is weighing on the stock ... the next phase of the Tesla growth story is around autonomous, Robotaxis, and AI playing out for Musk & Co. in our view and that vision is on the doorstep," Wedbush said in a note.) fell nearly 5%, even as its second-quarter earnings beat expectations on increased advertising sales and strong demand for its cloud services.

"The facts have changed, so I’ve changed my mind. The Fed should cut, preferably at next week’s policy-making meeting," Dudley said ahead of the Fed's July 30-31 policy meeting.) reported third-quarter results that topped Wall Street estimates, but flowing payment volumes growth pointing to a weaker consumers weighed on sentiment and sent the stock about 4% lower.

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