US Markets Suffer Worst Day Since 2022 as Tesla and AI Stocks Fall

• US stock indices experienced their worst day in over 18 months, driven by poor results from Tesla and Alphabet, leading to a tech sector sell-off.
• The S&P 500 fell 2.3%, and the Nasdaq Composite dropped 3.6%, with major losses from Nvidia, Microsoft, Apple, and Tesla.
• Tesla's 12.3% drop was its worst since 2020, following disappointing profit announcements, while Alphabet fell 5% due to missed YouTube ad revenue estimates.
• Investors are shifting away from high-flying tech stocks, particularly those boosted by AI, towards smaller companies and other market sectors.
• The sell-off reflects broader market concerns, with analysts warning of over-reliance on big tech and highlighting weakening economic indicators.

Source: Financial Times