A widespread washout for U.S. stocks dragged Wall Street lower on Thursday. 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%. As they did the day before, when the Nasdaq tumbled to its worst loss since 2022, several Big Tech stocks led the market lower. Drops of 2% for Apple, 2.2% for Amazon and 0.
Because the S&P 500 and other indexes give more weight to stocks of bigger size, and because the Magnificent Seven stocks had swelled into Goliaths, gains for Big Tech could drive up the market almost by themselves. But a shift had gotten underway on Wall Street over the last week.
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