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Stock market today: Nasdaq has its worst day of 2024 after weak earnings
- U.S. stocks fell on Wednesday, with the Nasdaq posting its biggest daily loss since 2022.
- Earnings reports from Tesla and Alphabet disappointed investors and dragged the tech sector lower.
- Investors will be watching for clues about Fed policy in the second-quarter GDP report released Thursday.
U.S. stocks fell on Wednesday, led by a sharp decline in the technology sector after the first round of mega-cap earnings disappointed investors.
Major indexes all ended the day lower, with the Nasdaq Composite falling more than 3%, recording its worst trading day since 2022. The S&P 500 fell more than 2% and the Dow Jones Industrial Average lost more than 500 points.
Investors were shaken after Tesla and Alphabet reported their second-quarter financial results. Tesla shares fell 12% after the automaker missed profit estimates and posted a sharp drop in auto revenue.
Alphabet Shares, meanwhile, fell 5% after Google's parent company beat its profit forecast but reported lower ad revenue from YouTube and higher capital spending in the quarter.
Other large-cap tech stocks also fell in Wednesday's session as investor sentiment deteriorated. Shares of Nvidia fell nearly 7%, while shares of Meta ended the session down 5.6%.
“Is the tech-led bull market over? Is the AI bubble bursting? Or are investors turning to laggards instead of tech? Or is the bull market simply widening?” Yardeni Research wrote in a note. “For now, we believe the stock market was overbought and is in for a modest decline.”
Investors are awaiting further earnings from major technology companies, with Meta, Apple and Amazon expected to report financial results next week.
In the meantime, traders are watching for new economic data. Second-quarter GDP estimates are due Thursday, and the personal consumption expenditures price index, the Fed’s preferred measure of inflation, is due Friday. Markets expect personal consumption expenditures inflation to slow to 2.5% on an annual basis, while GDP is expected to show the economy expanded 2.1% in the latest quarter.
The data will help inform bets on a rate cut as the central bank heads into its two-day policy meeting next week.
Here's where the U.S. indices stood at 4 p.m. Monday closing:
Here's what else happened today:
In commodities, bonds and cryptocurrencies:
- West Texas Intermediate crude oil rose 0.77% to $77.55 a barrel. Brent, the international benchmark, fell 0.12% to $80.72 a barrel.
- Gold edged down 0.12% to $2,406 an ounce.
- The 10-year Treasury yield rose nearly five basis points to 4.287%.
- Bitcoin fell 0.25% to $65,883.
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