NEW YORK — U.S. equity markets closed Thursday with steep losses as a broad sell-off swept the technology sector. The Nasdaq Composite dropped 2.2 percent, finishing at 25,138. The S&P 500 fell 1.2 percent to 7,408, while the Dow Jones Industrial Average ended down 1.0 percent at 51,712.
Tesla Inc. led the downturn, with shares falling 14.5 percent to $319.69. The move reflects growing investor concern over intensifying competition in the global electric vehicle market, particularly from emerging players in Asia, compounded by skepticism about the company's ability to meet its delivery targets. Alphabet Inc. Class A shares dropped 7.1 percent to $317.69 as analysts reassessed the outlook for digital advertising revenue against a difficult economic backdrop.
Other major technology firms faced similar pressure. Amazon.com Inc. fell 4.6 percent to $233.66, reflecting concerns about consumer spending and e-commerce growth. Microsoft Corp. declined 2.2 percent to $381.58, and Apple Inc. shed 1.3 percent to $321.66. Nvidia Corp. a bellwether for artificial intelligence demand, dropped 1.6 percent to $208.76. The sustained selling across these industry giants points to a re-pricing of technology sector earnings expectations.
The Russell 2000, comprising smaller-cap companies, showed relative resilience, declining only 0.7 percent to 2,940—suggesting a rotation of capital away from mega-cap tech into more domestically focused or value-oriented segments.
For Friday's session, investors will watch bond yields, particularly the 10-year Treasury, which influences equity valuations, along with any fresh economic data or statements from Federal Reserve Chair Kevin Warsh. Without new positive catalysts, selling pressure on the Nasdaq and S&P 500 is likely to persist.
