Wall Street fell to its worst loss since September after Big Tech stocks got burned by the downside of high expectations and the Federal Reserve indicated cuts to interest rates likely aren’t imminent.
The S&P 500 lost 1.6% Wednesday. The Nasdaq composite fell 2.2%, and the Dow fell 0.8%.
Alphabet was one of the market’s heaviest weights after analysts pointed to some concerning trends in how much it’s earning from advertising. Microsoft fell despite delivering stronger profit and revenue than expected. Fed Chair Jerome Powell said cuts to rates may be likely this year, but not as soon as traders hoped.
On Wednesday:
The S&P 500 fell 79.32 points, or 1.6%, to 4,845.65.
The Dow Jones Industrial Average fell 317.01 points, or 0.8%, to 38,150.30.
The Nasdaq composite fell 345.89 points, or 2.2%, to 15,164.01.
The Russell 2000 index of smaller companies fell 48.89 points, or 2.4%, to 1,947.34.
For the week:
The S&P 500 is down 45.32 points, or 0.9%.
The Dow is up 40.87 points, or 0.1%.
The Nasdaq is down 291.35 points, or 1.9%.
The Russell 2000 is down 30.99 points, or 1.6%.
For the year:
The S&P 500 is up 75.82 points, or 1.6%.
The Dow is up 460.76 points, or 1.2%.
The Nasdaq is up 152.66 points, or 1%.
The Russell 2000 is down 79.73 points, or 3.9%.
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