Wall Street sank back to where it was in May, pulled down by steep drops in several Big Tech companies
ByThe Associated Press
October 25, 2023, 4:21 PM
Wall Street sank back to where it was in May, pulled down by steep drops in several Big Tech companies.
The S&P 500 fell 1.4% Wednesday after rising bond yields tightened their chokehold on the stock market and some of the most influential companies turned in mixed profit reports. The Dow lost 105 points, and the tech-heavy Nasdaq composite dropped 2.4%.
Google parent company Alphabet fell sharply on worries about a slowdown in growth for its cloud-computing business. Amazon, Nvidia and Apple also fell. Microsoft rose after reporting stronger profit than analysts expected. Crude oil prices jumped.
The S&P 500 fell 60.91 points, or 1.4%, to 4,186.77.
The Dow Jones Industrial Average fell 105.45 points, or 0.3%, to 33,035.93.
The Nasdaq composite fell 318.65 points, or 2.4%, to 12,821.22
The Russell 2000 index of smaller companies fell 28.07 points, or 1.7% to 1,651.43.
For the week:
The S&P 500 is down 37.39 points, or 0.9%.
The Dow is down 91.35 points, less than 0.3%.
The Nasdaq is down 162.58 points, or 1.3%
The Russell 2000 is down 29.36 points, or 1.7%.
For the year:
The S&P 500 is up 347.27 points, or 9%.
The Dow is down 111.32 points, less than 0.3%.
The Nasdaq is up 2,354.74 points, or 22.5%
The Russell 2000 is down 109.82 points, or 6.2%.