Nasdaq, S&P 500 post worst daily loss since 2022

By Ovunc Kutlu

ISTANBUL (AA) - The Nasdaq and the S&P 500 had Wednesday their worst daily performance since 2022 as US stocks closed the session with major declines with tech firms' shares taking a nosedive.

The tech-heavy Nasdaq plummeted nearly 655 points, or 3.64%, to finish the day at nearly 17,342.

The S&P 500 decreased 128 points, or 2.31%, to close mid-week at 5,427.

The Dow, meanwhile, fell 504 points, or 1.25%, to end the day at 39,853.

The major slump came as tech companies' financial results either missed estimates or showed annual declines.

Google's parent company Alphabet's stock price dove 5.03% for the worst daily performance since late January, as the tech firm saw its YouTube advertising revenue coming lower than estimates.

Tesla shares were down 12.33%, recording the worst daily loss since 2020, after the electric carmaker saw its income plummet 45.2% year-on-year.

Nvidia shares decreased 6.8% and Meta Platforms fell 5.61%, while Intel and Microsoft lost 3.79% and 3.59%, respectively.

The VIX volatility index, also known as the "fear index," skyrocketed 22.55% to 18.04. The 10-year US Treasury yield rose 1.14% to 4.286%.

The dollar index decreased 0.07% to 104.37, while the euro lost 0.1% to $1.0840 against the greenback.

Precious metals also saw losses, with gold falling 0.5% to $2,398 per ounce and silver decreasing 1.1% to $28.92.

Oil prices were up around 0.6%, with global benchmark Brent crude priced at $81.48 per barrel and US benchmark West Texas Intermediate at $77.45.