16:13 - 25.07.2024

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July 25, Fineko/abc.az. The U.S. stock market closed on Wednesday, July 24, with a big drop. The S&P 500 and Nasdaq indexes declined 3.6% and 2.3%, respectively.

ABC.AZ reports that both indicators showed the worst daily percentage drop since 2022.

The drop took place after Tesla's second-quarter results were published on Tuesday, July 23, showing a second consecutive decline in quarterly profit, as well as the fact that its profit fell more than by 40% compared to last year.

Tesla shares fell 12.3% on Wednesday. The electric car manufacturer did not give a new sales forecast for the year, but warned that the growth rate of car sales this year could be significantly lower than in 2023.

In addition, Alphabet shares fell by 5% after reporting a discrepancy in expectations for advertising revenue on YouTube. Along with them, shares of Visa (4%), Microsoft, Nvidia and other technology companies fell. The seven largest IT giants lost $770 billion in capitalization during the day.

In addition, Microsoft has been grappling with the ongoing global Windows technology glitch that has affected many industries.