US stock market records worst daily loss in two years

The Nasdaq Composite fell 3.6% on Wednesday, ending down 654.94 points, its worst day since October 2022. The S&P 500, however, closed down 128.61 points, or 2.3%, at 5,427.13, its worst day percentage-wise since December 2022. File photo by John Angelillo/UPI | Photo License

July 24 (UPI) — The US stock market fell on Wednesday, with the Nasdaq posting its worst daily loss since 2022.

The Dow Jones Industrial Average ended the day down 504.22 points, or 1.3 percent, at 39,853.87, according to preliminary data, closing down for the fourth time in the past five sessions.

The Nasdaq Composite fell 3.6%, ending down 654.94 points, its worst day since October 2022.

The S&P 500, however, closed down 128.61 points, or 2.3%, at 5,427.13, its worst day in percentage terms since December 2022.

Tesla shares fell 12% after the company reportedly missed earnings estimates, while Alphabet shares fell 5%

At the same time, markets expect PCE 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, according to Markets Insider.

The stock market moves Wednesday were “largely a continuation of the rotation activity we saw last week, but it hasn't yet turned into a full-blown reduction in risk,” said Michael Reinking, chief market strategist at the New York Stock Exchange. Market watch.

“As volatility increases and fast trends start to break, it triggers a systematic reduction in risk and we could enter this feedback loop,” he said.

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