Stock market today: A washout on Wall Street sends stocks, big to small, lower

The S&P 500 dropped 0.8% to pull further from its all-time high set on Tuesday. The Dow Jones Industrial Average tumbled 533 points, or 1.3%, from its own record set a day before, while the Nasdaq composite sank 0.7%.

The majority of stocks within the S&P 500 also fell after giving up gains from earlier in the day. The sharpest loss came from Domino’s Pizza, which dropped 13.6% despite topping analysts’ expectations for profit in the spring. Stocks of chip companies stabilized a bit after tumbling a day earlier amid worries about potentially worsening tensions with China. U.S.-traded shares of Taiwan Semiconductor Manufacturing Co. rose 0.4% after the industry giant reported stronger profit for the latest quarter than analysts expected. It bounced back from its loss of 8% the prior day, but only after swerving between gains and losses.

That’s what they did for a while, after all, as their stock prices rocketed amid a frenzy around artificial-intelligence technology, even as other stocks struggled under the weight of higher interest rates and slowing economic growth. The momentum kicked into a high gear after an encouraging report on inflation raised expectations for the Federal Reserve to begin easing interest rates in September. Lower rates and a solid U.S. economy could mean bigger benefits for smaller companies than for Big Tech giants, which rose almost regardless of such factors.

A separate report said manufacturing in the mid-Atlantic region is growing much better than economists thought.Wall Street is hoping the economy can remain in a “Goldilocks” state, where it’s not so hot that it puts upward pressure on inflation but not so cold that it slides into a recession.

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