How major US stock indexes fared Wednesday, 7/24/2024

U.S. stock indexes dropped to their worst losses since 2022 after profit reports from Tesla and Alphabet helped suck momentum from Wall Street’s frenzy around artificial-intelligence technology.

The S&P 500 tumbled 2.3% Wednesday. The Dow Jones Industrial Average dropped 1.2%, and the Nasdaq composite skidded 3.6%.

The profit reports from Tesla and Alphabet weren’t disasters, but they raised questions among investors about which other market heavyweights’ springtime results could fall short of expectations.

Big Tech stocks have carried the market this year amid the AI furor, but critics say they’ve grown too expensive.

Smaller stocks also fell sharply in Wall Street’s wipeout, losing momentum following strong recent gains.

On Wednesday:

The S&P 500 fell 128.61 points, or 2.3%, to 5,427.13.

The Dow Jones Industrial Average fell 504.22 points, or 1.2%, to 39,853.87.

The Nasdaq composite fell 654.94 points, or 3.6%, to 17,342.41.

The Russell 2000 index of smaller companies fell 47.89 points, or 2.1%, to 2,195.37.

For the week:

The S&P 500 is down 77.87 points, or 1.4%.

The Dow is down 433.66 points, or 1.1%.

The Nasdaq is down 384.53 points, or 2.2%.

The Russell 2000 is up 11.02 points, or 0.5%.

For the year:

The S&P 500 is up 657.30 points, or 13.8%.

The Dow is up 2,164.33 points, or 5.7%.

The Nasdaq is up 2,331.06 points, or 15.5%.

The Russell 2000 is up 168.30 points, or 8.3%.