US stocks fall amid big tech selloff
The S&P 500 fell 0.9% on Wednesday. The tech-heavy Nasdaq 100 underperformed, slumping 1.6%. The Russell 2000 dropped 0.8%.
Most S&P sectors retreated, but the consumer discretionary and technology sectors lost the most at 1.6% and 1.4%, respectively. Both were dragged down by a sell-off in the world’s largest technology companies, as all Magnificent Seven stocks were down. Nvidia lost 2.8%, while Meta plunged 3.2%. Among consumer discretionary stocks, Amazon was down 2.6% and Tesla fell 2%.
Utilities and real estate were the only two sectors that advanced on the day.
Treasury yields rose again. 10-year Treasury yields climbed four basis points to 4.24%. Oil futures fell, and gold futures lost for the first time after six straight positive sessions.
In corporate news, Packaging Corp. of America was one of the top S&P 500 performers on Wednesday, up 5.5%, after delivering stellar earnings thanks in part to strong growth in e-commerce. AT&T added 4.6%, despite slow sales of the iPhone dragging down revenues slightly.
McDonald’s fell 5.1% after the Centers for Disease Control and Prevention said that its Quarter Pounder hamburgers were potentially linked to an E. coli outbreak. The stock saw one of the most active days by trading volume in the options pit. Enphase Energy sank 14.9% after an earnings miss, making it the biggest S&P laggard of the day.
