Tech shares slumped Wednesday as investors shed the behemoths that fueled Wall Street’s monster stock rally this year.

S&P 500 Suffers Biggest Drop Since 2022 as Tech Stocks Crater The index fell 2.3 percent after disappointing earnings reports from Alphabet and Tesla. The Nasdaq composite fell 3.6 percent.

The Nasdaq and S&P 500 both had their steepest declines since 2022. The thrashing wiped out hundreds of billions of dollars in market value from the Magnificent Seven stocks.

Tech platforms attribute recent growth spurts to AI-powered performance products Alphabet, Amazon and Meta turned more highly scrutinised marketing budgets to their advantage in Q2, by honing in on ...

A Goldman Sachs basket of unprofitable technology stocks hit its highest level since April 2022 following a 60% rally off the April 8 year-to-date low. Speculative "story" stocks have seen strong ...