U.S. stock indexes dropped after profit reports from Tesla and Alphabet helped suck momentum from Wall Street’s frenzy around artificial intelligence technology.
A wipeout on Wednesday sent U.S. stock indexes to their worst losses since 2022 after profit reports from Tesla and Alphabet helped suck momentum from Wall Street’s frenzy around artificial intelligence technology. The Standard & Poor's 500 tumbled 2.3% for its fifth drop in the last six days. The Dow Jones industrial average dropped 504 points, or 1.2%, and the Nasdaq composite skidded 3.6%.
Hopes for imminent cuts to interest rates have helped smaller stocks in particular to flip the market’s leaderboard and jump in recent weeks. The Russell 2000 index of smaller stocks had leaped at least 1% in seven of the last 10 days, though its momentum also slammed into a wall. It dropped 2.1% Wednesday. Smaller stocks had been jumping as Treasury yields eased on expectations that inflation is slowing enough for the Federal Reserve to begin lowering its main interest rate in September.
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