Big Tech Selloff Slams Nasdaq With Worst Day Since 2022
Posted on AllSides July 26th, 2024
From The Center
PHOTO: CFOTO/ZUMA PRESS
A stock-market selloff intensified Wednesday, wiping out hundreds of billions of dollars in value from the Magnificent Seven group of tech giants and pushing the Nasdaq Composite to its first decline of 3% or more in 400 trading days.
After a frenzy over artificial intelligence sent stocks to new heights in the first half of the year, investors have suddenly grown more skeptical of its potential payoffs. Traders trained those newfound doubts Wednesday on Tesla, where a delayed robotaxi rollout helped shares slide 12% in a move that reverberated across the technology sector.
Some content from this outlet may be limited or behind a paywall.
