The S&P 500 and Nasdaq just turned in their worst single-session decline since 2022
A tech sector selloff sent stocks spiraling today, with the S&P 500 and Nasdaq logging their worst single-session drop since September 2022. The Dow followed suit with a 504-point drop to breach 40,000. Tech giants Nvidia (NVDA), Microsoft (MSFT), and Meta Platforms (META) all fell victim to sector weakness following earnings from Alphabet (GOOGL) and Tesla (TSLA). To no investor's surprise, the Cboe Volatility Index (VIX) scored its biggest percentage spike since May 2022.
Continue reading for more on today's market, including:
- 2 crypto stocks in focus amid Ethereum's (ETH) rise.
- How option traders played the Tesla profit whiff.
- Plus, what's ailing Alphabet; McDonald's earnings preview; and AT&T stands strong. .
5 Things to Know Today
- S&P surveys show a resilient U.S. economy this summer. (MarketWatch)
- There's a wealth gap forming in the real estate market. (Bloomberg)
- YouTube revenue triggered the GOOGL selloff.
- UPS stock a downgrade miss after earnings whiff.
- How AT&T stock bucked the broad market selloff.
Oil, Gold on the Move
Oil prices rose, as U.S. crude supplies fell for the fourth-straight week. September-dated West Texas crude added 63 cents, or 0.8%, to settle at $77.59 per barrel.
Gold prices gained today, capitalizing on the tech selloff and softer U.S. dollar. August-dated gold futures added 0.6%, to settle at $2,426.60 an ounce for the day.