On Wednesday, major U.S. stock indexes experienced significant declines. The Nasdaq Composite dropped 3.6%, marking its biggest one-day point drop in over four years
Major Index Declines:
The S&P 500 fell 2.3%, reaching its lowest closing level in six weeks. The Dow Jones Industrial Average decreased 1.3%, falling below 40,000 points for the first time in nearly two weeks.
S&P 500 and Dow Jones:
The sharp selloff was triggered by disappointing earnings reports from major tech companies, Tesla and Alphabet. Tesla s shares fell 12%, while Alphabet s shares dropped 5%.
Tech Stocks Impact:
Shares of other prominent tech companies, including Nvidia, Microsoft, Apple, Meta Platforms, and Amazon, also saw significant declines.
Other Tech Giants:
The Russell 2000 small-cap index, which has recently outperformed major indexes, fell 2.1% on Wednesday.
Russell 2000 Movement:
In other markets, gold prices slightly decreased to around $2,400 an ounce. Crude oil prices increased by 0.7%, and Bitcoin remained steady at approximately $66,000.
Gold, Oil, and Bitcoin:
The yield on 10-year U.S. Treasurys rose to 4.28%, the highest level in two weeks, as investors awaited upcoming economic growth and inflation data.
Treasury Yields:
Gold prices fell slightly to around $2,400 per ounce, while crude oil prices increased by about 0.7%. Bitcoin remained steady at approximately $66,000.
Other Market Movements