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Wall Street suffers worst day since 2022 as Tesla and Google earnings disappoint (www.theguardian.com)

submitted 4 months ago by MicroWave to c/economics

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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.

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[–] [email protected] 12 points 4 months ago

these always crack me up. oh a decline not seen in two years since the last few percent dip among the constant rise. People have to face facts. Wealth disparity is massive and the folks with most of it have not real place to put it so they are going to buy the market and real estate and such.