Underwhelming earnings from two megacap tech companies caused stocks to sell down on Wednesday, setting the S&P 500 up for its worst day since 2022.
The tech-heavy Nasdaq Composite fell 3.5%, heading for its worst day of 2024, while the wider market index lost 2.2%. The 1% decrease in the Dow Jones Industrial Average was 421 points.
With a 5% decline, Alphabet’s shares, the parent company of Google, are headed for their largest one-day decline since January 31st, when they lost 7.5%.
YouTube’s advertising revenue was less than anticipated even as Alphabet’s top and bottom lines beat expectations.
A 7% reduction in car revenue year over year and lower-than-expected earnings caused Tesla’s shares to plunge 11%, marking their worst day since January 25.
Source (CNBC)
