2024-07-25 23:16:55
The plunge in the shares of two technology companies led two of the main stock indices on Wall Street to record their worst drops since 2022.
The overall market index lost 2.31% to close at 5,427.13 points, while the technology-heavy Nasdaq fell 3.64% to close at 17,342.41 points. The Dow Jones index lost 504.22 points, or 1.25%, to close at 39,853.87 points.
Shares of Google parent Alphabet fell 5%, their biggest one-day drop since Jan. 31, when they fell 7.5%. While Alphabet posted a surplus on its earnings, YouTube ad revenue fell short of estimates. Meanwhile, Tesla shares fell 12.3% – their worst day since 2020, due to weaker-than-expected results and a 7% year-over-year drop in auto revenue.
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Even though Alphabet reported a revenue beat in its earnings results compared to Wall Street forecasts, YouTube advertising revenue fell below consensus estimates.
Tesla shares, meanwhile, fell 12.3%, their worst day since 2020, after announcing lower-than-expected profits and a 7% year-over-year drop in auto revenue. According to CNBC, these results represent the electric vehicle manufacturer’s fourth consecutive loss of profit.
Shares of Elon Musk’s company fell 12.3 percent, their worst day since 2020, after announcing very poor earnings.
Other tech companies in the Magnificent Seven also saw their shares fall. Nvidia and Meta* fell 6.8% and 5.6% respectively, while Microsoft fell 3.6%.
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