Nasdaq and S&P 500 track for worst day since 2022 after Alphabet and Tesla fail to impress Wall Street

Tech shares experienced a significant selloff on Wednesday following disappointing earnings reports from two major market players. The Nasdaq Composite and the S&P 500 both recorded their largest daily percentage declines since 2022, falling by 3.3% and 2.2% respectively. Meanwhile, the Dow lost 1.1%. Tesla, one of the companies reporting decreased profits, saw its shares drop by 10.7% after disclosing a decline in quarterly profit and warning of a potential slowdown in vehicle volume growth. Alphabet also witnessed a decline in its shares after reporting lower-than-expected revenue from YouTube advertising. Tech stocks have faced challenges recently due to factors such as global tech outages and concerns about trade restrictions between the US and China.