Stock market today: A wipeout on Wall Street sends the S&P 500 down by 2% as Big Tech skids

NEW YORK — A wipeout on Wall Street sent U.S. stock indexes to their worst day since 2022 as Big Tech dragged the market lower following profit reports from Tesla and Alphabet. The S&P 500 slumped 2.3% Wednesday, its fifth drop in the last six days. The Nasdaq composite skidded 3.6%, and the Dow Jones Industrial Average fell 1.2%. Tesla tumbled after the electric vehicle maker said its profit for the spring sank 45%.

Alphabet dropped 5.2% even though it delivered better profit and revenue for the latest quarter than expected. Analysts pointed to some pockets of weakness underneath the surface, including weaker growth in advertising revenue for YouTube than expected. The hope on Wall Street is that if momentum does flag for the Magnificent Seven, more stocks outside them can rise to support the market. Conditions may be improving at the right time. Hopes for imminent cuts to interest rates have helped smaller stocks in particular to flip the market's leaderboard and jump in recent weeks.

Treasury yields were mixed Wednesday after preliminary data suggested U.S. business activity is back to shrinking in manufacturing, though continuing to grow in services industries. The overall data suggest a “Goldilocks” scenario, where the economy is not so hot that it puts upward pressure on inflation but not so cold that it veers into a recession, according to Chris Williamson, chief business economist at S&P Global Market Intelligence.

The yield on the 10-year Treasury rose to 4.27% from 4.25% late Tuesday. It was easing earlier in the morning ,and it's still down from its 4.70% in April. That’s a sharp move for the bond market, which has given support to stock prices. Nvidia, for example, fell 6.5%. That wasn’t as steep as Tesla’s drop, but it was still the single heaviest weight on the S&P 500. That’s because Nvidia’s total market value has topped $3 trillion amid a rush into artificial-intelligence technology, and a 1% move for it packs more punch on the index than a 1% move for any company other than Microsoft or Apple.

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