The Nasdaq led US stocks lower before the bell Wednesday, after disappointing Alphabet and Tesla earnings stirred up worries that Big Tech's power to fuel gains is fading. Futures on the tech-heavy Nasdaq 100 sank almost 1%, while S&P 500 futures fell roughly 0.7%. Dow Jones Industrial Average futures retreated 0.4%, after a losing Tuesday for all three gauges.
EV maker Tesla's stock price slid almost 8% in pre-market trading, while Alphabet shares dropped over 3%. At the same time, the ongoing rotation out of tech stocks into small caps could alleviate headwinds for gains. The Russell 2000 has outperformed the major indexes in the past two days.
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