Tech shares led a selloff Wednesday after lackluster earnings reports from two of the market’s most prominent heavyweights. The Nasdaq Composite declined 3.6% and the S&P 500 fell 2.3%, both notching their worst daily percentage declines since 2022. The electric vehicle maker faces growing competition from established automakers domestically and internationally and a slowdown in EV sales growth. Tesla shares fell 12.3% on Wednesday. Wall Street has rotated out of the tech bigwigs that led stocks higher over the past year in favor of smaller stocks that have been beaten down by sky-high rates.

Source: CNN July 25, 2024 04:07 UTC