US Stocks Tumble, Magnificent 7 Wipe Out $570 Billion As Mega-Tech Earnings Disappoint, VIX Spikes: What's Driving Markets Wednesday?

Benzinga07-25

Wall Street experienced a turbulent session on Wednesday, with the S&P 500 index heading toward its worst performance in over a year and the tech-focused Nasdaq 100 eyeing its fifth decline in the ...

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MSFT, Apple Inc. AAPL, NVIDIA Corp., Alphabet Inc., Amazon Inc. AMZN, Meta Platforms Inc. META and Tesla, Inc. — wiped out over $570 billion in their combined market valuation by midday trading in New York. The Roundhill Magnificent Seven ETF MAGS fell 4.9%, marking the worst daily performance since the fund’s inception last year.\nTesla shares plummeted over 11% after missing earnings expectations, with revenue dropping 7% year-over-year to $19.9 billion. This marks its second consecutive quarter of year-over-year sales declines and the first sequential decline in quarterly sales volume.\nDespite posting stronger-than-expected numbers, Alphabet also saw a significant drop, falling 5%, weighed down by its YouTube advertising revenue, which failed to meet analyst expectations.\nThe Nasdaq 100 fell 3%, eyeing a similar decline to the one witnessed a week ago. The drop in tech companies also impacted the chipmaker industry, which heavily depends on AI-related investments from mega-cap tech giants. The iShares Semiconductor ETF SOXX fell 3.3%, approaching its lowest close since early June.\nThe CBOE Volatility Index or VIX, commonly referred to as the market fear index, rallied 16% to 17 points.\nOn the macro front, flash PMI surveys revealed the strongest pace of growth for the services sector in 28 months, while manufacturing activity returned to contraction in July.\nTreasury yields fell, sending a trade-weighted U.S. dollar gauge down 0.3%. Notably, the dollar fell 1.4% against the Japanese yen, eyeing levels last seen in early May. \nGold showed its resilience against market turbulence, rising 0.6%. Bitcoin BTC/USD rose 0.4%. \nWednesday’s Performance In Major US Indices, ETFs\nMajor IndicesPrice1-day %chgRussell 20002,242.07-0.3%Dow Jones40,045.39-0.8%S&P 5005,461.51-1.7%Nasdaq 10019,171.24-3.0%Updated at 12:05 p.m. ET\nAccording to Benzinga Pro data:\n\nThe SPDR S&P 500 ETF Trust SPY was 1.8% down to $543.94.\nThe SPDR Dow Jones Industrial Average DIA edged down 0.8% to $400.13.\nThe tech-heavy Invesco QQQ Trust (ARCA: QQQ) fell 3% to $466.46.\nSector-wise, the Utilities Select Sector SPDR Fund XLU outperformed, up by 1.3%, while the Technology Select Sector SPDR Fund XLK and the Consumer Discretionary Select Sector SPDR Fund XLY lagged, both down 3.2%.\n\nWednesday’s Stock Movers\nStocks moving on earnings were: \n\nVisa Inc. V, down over 4%.\nTexas Instruments Inc. TXN up 0.6%.\nChubb Ltd. CB, down 0.4%.  \n$Capital One Financial Corp(COF-N)$. COF, up 2.3%. \nThermo Fisher Scientific Inc. TMO up 3.2%.\nAT&T Inc. T up 5.4%.\nBoston Scientific Corporation BSX down 2%. \nFiserv Inc. FI up 2.2%. \nCME Group Inc. CME up 0.8%, \nGeneral Dynamics Corporation GD down 4%. \nRoper Technologies Inc. ROP down 9%. \nOld Dominion Freight Line, Inc. ODFL up 2.9%. \nGE Vernova Inc. GEV up 0.7%. \nVertiv Holdings Inc. VRT down 9%.\nCheck Point Software Technologies Ltd. CHKP up 7%.  \n\nThose reporting after the close include: \n\nInternational Business Machines Corporation IBM\nServiceNow, Inc. NOW ORLY) \nKLA Corp. KLAC\nChipotle Mexican Grill, Inc. CMG\nRepublic Services Inc. RSG\nNewmont Corp. NEM\nEdwards Lifesciences Corporation EW\nFord Motor Co. F\nKnight-Swift Transportation Holdings Inc. KNX\nLas Vegas Sands Corp. LVS\nMeritage Homes Corporation MTH\nWhirlpool Corporation WHR\nO’Reilly Automotive, Inc. ORLY.\n\nRead now:\n\nMortgage Rates Hit Lowest Point Since February As Investors Anticipate Fed Rate Cuts\n\nPhoto via Shutterstock. Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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