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

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Quarterly Earnings,Alphabet,Nasdaq Composite

Disappointing Alphabet and Tesla earnings have stirred up worries that Big Tech's power to fuel stock market gains is fading.

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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