Major US Indices Slide as Tech Sector Leads Sell-Off
U.S. equities ended sharply lower on Wednesday, with all three major indices posting steep losses. The Dow Jones Industrial Average declined 1.76%, the S&P 500 tumbled 2.06%—its largest single-day drop since October—while the Nasdaq Composite fell 2.39%, weighed down by broad-based weakness in technology stocks.
Tech Giants Drag Down Markets
Large-cap tech names led the decline. Oracle and Broadcom dropped more than 5%, reflecting growing concerns over stretched valuations. Nvidia and Tesla both fell over 4%, as momentum from recent AI-driven rallies begins to wane. Apple and Amazon shed more than 3%, amid profit-taking ahead of upcoming earnings reports.
- Nvidia down over 4% on profit-taking after AI surge
- Tesla struggles with demand and competitive pressures
- Apple and Amazon see outflows due to valuation concerns
Analysts attribute the selloff to renewed inflation worries, shifting rate expectations, and caution ahead of earnings season. Market sentiment remains fragile, with further volatility likely in the near term.