The U.S. stock market witnessed a significant downturn in major tech stocks on July 25, 2024. Here's a breakdown of the day's biggest losers:
📉 Tesla (TSLA): -12.33%
📉 Broadcom (AVGO): -7.59%
📉 NVIDIA (NVDA): -6.80%
📉 Qualcomm (QCOM): -6.35%
📉 AMD (AMD): -6.08%
📉 TSMC ADR (TSM): -5.90%
📉 Meta (META): -5.61%
📉 Alphabet (GOOGL): -5.04%
📉 Microsoft (MSFT): -3.59%
📉 Amazon (AMZN): -2.99%
📉 Apple (AAPL): -2.88%
Key Highlights:
1. Alphabet (GOOGL) plummeted 5.04% to $172.63 per share. Despite strong performance in search and cloud businesses, YouTube ad revenue fell short of expectations. The company also projected higher-than-expected spending to outpace AI competitors.
2. Tesla (TSLA) experienced its largest drop since 2020, falling 12.33% to $215.99 per share. The decline was attributed to lower-than-expected profit margins due to EV price cuts, restructuring costs, and AI-related investments.
This widespread tech sell-off reflects growing concerns about AI spending, profit margins, and the sustainability of growth in the tech sector. Investors will be closely watching these companies' next moves and upcoming earnings reports for signs of recovery or further decline.
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