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

submitted 1 month 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] 5 points 1 month ago* (last edited 1 month ago)

With so many projects in the graveyard, It's truly a mystery why people don't want to commit to using Google products.