Weak quarterly reports from megacap tech giants Alphabet and Tesla disappointed investors, and on Wednesday, stocks plummeted.
Compared to the S&P 500, which fell 0.9%, the Nasdaq Composite fell 1.5 percent. 152 points, or 0.4%, were removed from the Dow Jones Industrial Average.
Alphabet, Google’s parent firm, had a more than 4% decline in share prices. YouTube advertising income was less than anticipated even as Alphabet posted better-than-expected top and bottom line results.
With lower-than-expected numbers and a 7% loss in vehicle revenue year over year, Tesla’s shares fell more than 8% during this time.
Source (CNBC)
