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Wall Street experienced a turbulent session on Wednesday, with the S&P 500 index heading toward its worst performance in over a year and the tech-focused Nasdaq 100 eyeing its fifth decline in the last six sessions.
The Magnificent Seven group — Microsoft Corp. (NYSE:MSFT), Apple Inc. (NASDAQ:AAPL), NVIDIA Corp., Alphabet Inc., Amazon Inc. (NASDAQ:AMZN), Meta Platforms Inc. (NASDAQ:META) and Tesla, Inc. — wiped out over $570 billion in their combined market valuation by midday trading in New York. The Roundhill Magnificent Seven ETF (NYSE:MAGS) fell 4.9%, marking the worst daily performance since the fund’s inception last year.
Tesla shares plummeted over 11% after missing earnings expectations, with revenue dropping 7% year-over-year to $19.9 billion. This marks its second consecutive quarter of year-over-year sales declines and the first sequential decline in quarterly sales volume.
Despite posting stronger-than-expected numbers, Alphabet also saw a significant drop, falling 5%, weighed down by its YouTube advertising revenue, which failed to meet analyst expectations.
The Nasdaq 100 fell 3%, eyeing a similar decline to the one witnessed a week ago. The drop in tech companies also impacted the chipmaker industry, which heavily depends on AI-related investments from mega-cap tech giants. The iShares Semiconductor ETF (NYSE:SOXX) fell 3.3%, approaching its lowest close since early June.
The CBOE Volatility Index or VIX, commonly referred to as the market fear index, rallied 16% to 17 points.
On the macro front, flash PMI surveys revealed the strongest pace of growth for the services sector in 28 months, while manufacturing activity returned to contraction in July.
Treasury yields fell, sending a trade-weighted U.S. dollar gauge down 0.3%. Notably, the dollar fell 1.4% against the Japanese yen, eyeing levels last seen in early May.
Gold showed its resilience against market turbulence, rising 0.6%. Bitcoin (CRYPTO: BTC) rose 0.4%.
Major Indices | Price | 1-day %chg |
Russell 2000 | 2,242.07 | -0.3% |
Dow Jones | 40,045.39 | -0.8% |
S&P 500 | 5,461.51 | -1.7% |
Nasdaq 100 | 19,171.24 | -3.0% |
According to Benzinga Pro data:
Stocks moving on earnings were:
Those reporting after the close include:
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Posted In: $BTC AAPL AMZN BSX CB CHKP CME CMG COF DIA EW F FI GD GEV IBM KLAC KNX LVS MAGS