Stock market news today: Nasdaq sinks over 3% as Tesla, Alphabet triggered tech sell-off

The Nasdaq led US stocks lower on Wednesday after lackluster Alphabet and Tesla earnings stirred up worries that Big Tech's power to fuel gains is fading. The benchmark S&P 500 tumbled about 2.1%, and the Dow Jones Industrial Average dropped about 1%. The tech-heavy Nasdaq Composite led the losses, falling about 3.4%. Stocks are sinking as investors digest mixed quarterly earnings from Google parent Alphabet and Tesla , the first of the "Magnificent 7" megacaps to report.

Chip stocks also tumbled on Wednesday as Nvidia fell roughly 6% while Broadcom and Arm each dropped about 7%. Read more: 32 charts that tell the story of markets and the economy right now Investors are bracing for the next wave of earnings to flood in, with Chipotle , Ford and IBM due to post results after the bell on Wednesday. In economic news, on Wednesday fresh data from S&P Global showed the business activity in the US grew at its fastest pace in more than two years.

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