U.S. stocks had their worst day since 2022 Wednesday amid a broad pullback in tech companies as Wall Street traders sought to reduce their exposure to firms that have made big bets on artificial intelligence.
The tech-heavy Nasdaq index closed down 3.6%, while the broader S&P 500 index closed down 2.3% — both the worst performance in more than 18 months. The Dow Jones Industrial Average fell 1.25%.
The rout was led by Tesla, whose shares fell 12.3% for its worst day since 2020; and Google parent Alphabet, which fell more than 5% for its worst day since January.
Tesla reported Tuesday afternoon that auto revenues fell 7% compared with the previous quarter, and CEO Elon Musk said in a follow-up earnings call that the company’s planned…
