Nasdaq tracks for worst day since 2022 after Alphabet and Tesla fail to impress Wall Street

Tech shares led a selloff on Wednesday after disappointing earnings reports from two major market players. The Nasdaq Composite saw its biggest daily percentage decline since December 2022, dropping 3%. The S&P 500 fell by 1.8% and the Dow was down by 0.9%. Tesla reported its second straight quarterly profit decline, impacting its stock price, which fell by 10.6%. Alphabet also experienced a drop in shares by 5.1% due to lower-than-expected YouTube advertising revenue. This decline in tech stocks follows recent cool inflation reports and positive economic data, leading investors to speculate on potential interest rate cuts by the Federal Reserve. Additionally, concerns in the tech sector have been accentuated by a global tech outage and potential sanction plans on Chinese tech firms.