Stocks slide as Tesla, Alphabet earnings drag on megacaps

July 24 - Wall Street fell on Wednesday, with the tech-heavy Nasdaq leading declines after lackluster quarterly results from Tesla and Alphabet raised questions about the sustainability of the Big Tech and AI-led 2024 equity rally.

Alphabet's losses underscored the high earnings bar for the so-called Magnificent Seven, a set of megacap tech stocks that have notched double- and triple-digit percentage gains so far in 2024, riding on the optimism around AI adoption and expectations of an early start to the Federal Reserve's interest-rate cuts.

Chary of the high valuation of these companies, market participants started shifting to underperforming sectors in mid-July. Morrison sounded a note of caution, saying broad megacap declines could drag the entire market down. In economic data, S&P Global's flash U.S. Composite PMI Output Index showed business activity climbed to a 27-month high in July.

At 9:51 a.m. ET, the Dow Jones Industrial Average , opens new tab was down 203.99 points, or 0.51%, at 40,154.10, the S&P 500 , opens new tab was down 64.25 points, or 1.16%, at 5,491.49, and the Nasdaq Composite , opens new tab was down 328.36 points, or 1.82%, at 17,669.00. Solar inverter maker Enphase Energy , opens new tab jumped 7.4% after beating estimates for second-quarter operating profit, while General Dynamics fell 5.1% after delivering fewer business jets than expected in the second quarter.

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