The stock market saw a continued decline on Wednesday, with the S&P 500 dropping for the fourth consecutive session to 5,022.21, marking a 0.58% decrease. The Nasdaq Composite also slid by 1.15% to 15,683.37, while the Dow Jones Industrial Average fell by 0.12% to 37,753.31.
Although stocks opened higher, they faded throughout the day, resulting in the Dow’s seventh negative session out of the last 8. Technology stocks such as Nvidia, Netflix, Meta, Apple, and Microsoft were among those in the red, leading to a 1.7% drop in the tech sector.
Despite the overall market decline, earnings season began on a strong note, with over 75% of S&P 500-listed companies surpassing Wall Street expectations. United Airlines notably surged more than 17% after posting better-than-expected results, while J.B. Hunt Transport Services dropped over 8% after missing analysts’ expectations.
The market’s recent weakness has seen the Dow slide over 5% in April, with the S&P 500 and Nasdaq Composite also experiencing significant tumbles. Investors are becoming more cautious, trimming investments in high-flying tech stocks and seeking alternative market opportunities.
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