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Tech Earnings Disappointment Triggers Steep Wall Street Sell-Off
TOPICS
US stocks plummeted on Wednesday, with major indices suffering substantial losses. The S&P 500 fell 2.31%, marking its worst day since December 2022, while the Nasdaq plunged 3.62%, its poorest performance since October 2022. The Dow Jones Industrial Average also took a hit, shedding 504.22 points (-1.25%). This market downturn was primarily attributed to a broad tech sell-off, triggered by disappointing earnings reports from several megacap companies. These underwhelming results raised concerns about the sustainability of the artificial intelligence-driven bull market.
Among the notable casualties, Alphabet (Google’s parent company) dropped 5.04% due to higher-than-expected AI spending and disappointing YouTube ad revenue. Tesla’s stock price cratered 12.33% after reporting a 7% drop in auto revenue, missing profit expectations, and announcing delays in its Robotaxi project.
The sell-off extended to chip stocks, with Nvidia sinking 6.80%, Broadcom losing 7.59%, and ARM falling 8.17%. Bucking the overall market trend, AT&T saw a 5.22% increase after surpassing expectations for wireless subscriber additions.
Visa slipped 4.01% to its lowest level since December, following a decrease in payments volume and processed transactions.
(S&P 500 Index Monthly Chart)
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