Tech-focused Nasdaq retreats 3.6% and S&P 500 also down in wake of lacklustre results from big-tech companies
Wall Street suffered its worst day of trading in 19 months as disappointment around earnings from Tesla and Google challenged the recent big-tech rally.
The benchmark S&P 500 index dropped 2.3% as a sell-off triggered its biggest single-day fall since December 2022.
The technology-focused Nasdaq retreated 3.6%, its largest single-day decline since October 2022.
Shares in Tesla sank 12% after it reported a 45% slump in quarterly profits amid discounting by electric carmakers. Alphabet, the owner of Google and YouTube, also fell 5% as investors scrutinized a slowdown in advertising growth.
Chee_Koala@lemmy.world 1 month ago
It might be all the disdain Google seems to have towards their userbase lately