Tech stocks took a drubbing 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 more than 2% for the first time in more than a year, while the Dow Jones Industrial Average dropped about 1.2%. The tech-heavy Nasdaq Composite led the losses, falling about 3.6%, for its worst day since October 2022.
EV maker Tesla's stock price slid more than 12%, while Alphabet shares dropped more than 5%. In aggregate, the Magnificent 7 tech stocks lost more than $750 billion in market cap on Wednesday, the most on record for the group. Chip stocks also tumbled on Wednesday as Nvidia fell almost 7% while Broadcom and Arm each dropped about 8%.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market today: Big Tech slumps after profits from Alphabet and Tesla fail to impressNEW YORK (AP) — Drops for Tesla and Google parent company Alphabet are dragging indexes lower after the Big Tech giants delivered earnings that failed to impress. The S&P 500 fell 1.
Source: SooToday - 🏆 8. / 85 Read more »
Stock market news today: Nasdaq sinks over 3% as Tesla, Alphabet triggered tech sell-offDisappointing Alphabet and Tesla earnings have stirred up worries that Big Tech's power to fuel stock market gains is fading.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock market news today: Nasdaq sinks near 3% as Tesla, Alphabet earnings spark tech sell-offDisappointing Alphabet and Tesla earnings have stirred up worries that Big Tech's power to fuel stock market gains is fading.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
The Daily Chase: Tesla, Alphabet after the bell highlight big day for earningsHere are five things you need to know this morning.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Stock market news today: US stocks slip ahead of Alphabet, Tesla resultsA marquee earnings day brings Big Tech results, in focus as investors assess the future of this year's rally.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »