Wall Street suffers worst day since 2022 as Tesla and Google earnings disappoint | Stock Market

Disappointing results from Tesla and Google hurt recent gains for big tech stocks, sending Wall Street to its worst trading day in 19 months.

The benchmark S&P 500 index fell 2.3%, its biggest one-day drop since December 2022, amid selling pressure.

The tech-heavy Nasdaq slumped 3.6%, its biggest one-day drop since October 2022.

Tesla shares tumbled 12% after the electric car maker reported a 45% drop in quarterly profit, driven by price cuts from the company. Alphabet, which owns Google and YouTube, also fell 5% as investors scrutinized slowing advertising growth.

The two were the first to make announcements as US tech giants report their latest financial results to shareholders, with the rest of the so-called “Magnificent Seven” tech giants – Meta, which owns Facebook, Instagram and WhatsApp, Apple, Nvidia, Microsoft and Amazon – due to follow in the coming weeks.

I can't help but think [that] David Morrison, senior market analyst at Trade Nation, said if the tech sector sneezes, the whole market could feel the effects.

“The Alphabet news isn't bad, but the fact that they're still spending billions is a big deal,” said Danny Hewson, head of financial analysis at AJ Bell. [artificial intelligence] This has some questioning how long the investment will be enough, or at least how long it will be possible for other parts of the AI ​​field to deliver the kind of results investors are hoping for.

Elon Musk's attempt to get investors to look beyond profits has backfired: Tesla's CEO insists the company is more than just a carmaker, but until robots and robo-taxis start generating profits, EVs are Tesla's only option, putting pressure on margins.

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Reuters provided reporting assistance.

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