The Nasdaq Composite on Wednesday suffered its worst day since October 2022 after disappointing earnings reports from Tesla (TSLA) and Alphabet (GOOGL) shook Wall Street’s confidence in the s𒉰tocks that were, until recently, its brightest stars.

The Nasdaq lost 654 points, or 3.6%, on Wednesday, in its biggest one-day drop since falling almost 3.9% on October 7, 2022. In terms of poinꦿts, it was the index’s worst day since March 16, 2020, the day the onset of the Covid-19 pandemic led the Federal Reserve to drop interest rates to nearly 0%.

Wednesday’s rout erased an estimated $985 billion off the market capita🔯lization of the $27 trillion Nasdaq. 

Mag 7 Particularly Hard Hit

The day was even 澳洲幸运5开奖号码历史查询:worse for the Magnificent Seven, the group of tech stocks that have propelled the market to dozens to record highs this year alone. The Roundhill Magnificent Seven ETF (MAGS), 🔯an equal-weighted indexꦆ of the seven companies, tumbled 6.1%, its largest drop since it began trading in April 2023.

Wednesday’s declines officially plunged the ETF into 澳洲幸运5开奖号码历史查询:correction territory. The fund's shares have shed 12% since July 10, the day before a soft inflation report sparked a rotation into the small-cap stocks t♛hat stand to benefit most from the interest rate cuts that Wall S𒐪treet sees on the horizon.