It was a tough day on Wall Street with megacap tech losses dragging all three major indexes lower. Underneath the surface, most stocks were actually holding up all right.
The Nasdaq Composite dove 1.4%. The S&P 500 dropped 0.3%. The Dow Jones Industrial Average fell 0.3%, or 132 points.
Alphabet, which is one of the market’s largest companies by market cap, had its worst trading day in its 22-year history on the public market.
“Strong AI demand no longer guarantees strong stock performance,” says Will McGough from Prime Capital Financial. “We’re in a period again where the market’s re-underwriting the headline risk of all the capex.”
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