S&P 500 endures biggest drop of year
Shortly after midday, the more than 2% decline is the worst since mid-December.
It’s springtime for short sellers, as shortly after midday the S&P 500 was on pace for its worst day of 2025 so far.
While the broad health of the US economy seems to be an increasing concern for investors, on a granular level the tumble directly linked to the ongoing decline in large-cap technology stocks — Apple, Nvidia, and Tesla among them — whose enormous market values have given them tremendous sway in market-cap-weighted indexes for several years.
Apple’s appearance on the list of big decliners — tied to reports of a delay in its AI-enabled Siri upgrade — is adding pressure to the sell-off, as the iPhone maker had been a source of relative strength in Big Tech until recently.
