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Stock Market Today: Live Updates
Traders work on the floor of the New York Stock Exchange on June 18, 2024.
Spencer Platt | Getty Images News | Getty Images
Stocks fell Wednesday after disappointing reports from two large-cap technology companies dented investor sentiment, putting the Nasdaq Composite Index on track for its worst day since December 2022.
The tech-heavy Nasdaq fell 3%, while the S&P 500 fell by 1.8%. Dow Jones Industrial Average lost 349 points, or 0.9%.
Shares of Google's parent company Alphabet fell 5%. Although Alphabet reported results that beat consensus, YouTube's ad revenue fell below consensus estimates. You're here Shares fell 11% on weaker-than-expected results and a 7% year-over-year decline in auto revenue.
Other major tech stocks fell, including Alphabet and Tesla. Nvidia And Meta-platforms lost 5% each, while Microsoft fell by 4%.
The reports are the first look at how mega-cap companies performed in the second quarter. Reports from these companies are of particular interest to Wall Street because this small cohort is responsible for most of this year's gains.
“One of the quickest ways for a rotation to occur beneath the surface would be a decline in earnings for the ‘beautiful seven,’” wrote Ryan Grabinski, a strategist at Strategas. “We’ve been talking for a while about how ‘AI enthusiasm’ will eventually turn into ‘AI disappointment.’ The next two weeks will be crucial.”
The rotation into small-cap stocks appears to be holding. Russell 2000 The small-cap index fell 0.6% in Wednesday's trading session, but was up 9% for the month. On a monthly basis, the Dow Jones Industrial Average rose 2%, while the S&P 500 was flat and the tech-heavy Nasdaq Index was down more than 1%.
Despite these failures by the mega-cap tech giants, the earnings season is off to a generally strong start. More than 25% of S&P 500 Companies reported second-quarter results, with about 80% beating expectations, according to FactSet data.
Investor concerns were heightened on Wednesday morning US manufacturing data weaker than expected.
The U.S. manufacturing output PMI fell to 49.5 in July, unexpectedly sliding into contractionary territory as new orders, output and inventories fell. Economists had expected a reading of 51.5, according to Dow Jones.
A report released Wednesday also showed that new home sales increased lighter than economists had expected for the month of June.
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