Stock Market Dragged Lower by Widespread Washout – Big Tech Stocks Lead the Decline

### Wall Street Falls as Tech Stocks Drag Down Market

On Thursday, U.S. stocks faced a widespread washout, dragging Wall Street lower as the S&P 500 dropped 0.8% and the Dow Jones Industrial Average tumbled 533 points. The Nasdaq composite also sank 0.7%, continuing a recent trend of losses for Big Tech stocks.

Big Tech giants like Apple, Amazon, and Microsoft led the market lower, with drops ranging from 0.7% to 2.2%. This decline comes after the Nasdaq saw its worst loss since 2022 the day before.

Unlike previous days, Thursday’s losses hit various corners of the market, with smaller stocks falling more than their larger counterparts. The Russell 2000 index, which had been performing well in recent days, lost 1.8%.

In company news, Domino’s Pizza saw a sharp decline of 13.6% despite beating profit expectations for the spring, causing the temporary suspension of its long-term store opening forecast. Darden Restaurants, the company behind Olive Garden and LongHorn Steakhouse, also saw a 3% drop after announcing the acquisition of Chuy’s Tex-Mex chain.

On a positive note, stocks of chip companies like Taiwan Semiconductor Manufacturing Co. and Nvidia stabilized after recent declines. Taiwan Semiconductor reported stronger profit for the latest quarter, leading to a 0.4% increase in its U.S.-traded shares.

The market has seen a shift in momentum towards smaller stocks, driven by expectations of easing interest rates and solid economic growth. This rotation away from Big Tech is seen as a positive development, as investors seek companies with stronger ties to economic conditions.

In bond market news, Treasury yields rose following mixed economic data, including higher-than-expected unemployment benefit applications but better-than-expected manufacturing growth in the mid-Atlantic region.

Overall, the S&P 500 fell 43.68 points to 5,544.59, the Dow dropped 533.06 to 40,665.02, and the Nasdaq sank 125.70 to 17,871.22. European and Asian markets also showed mixed results as the European Central Bank decided to hold its main interest rate steady.

The market outlook remains uncertain as investors monitor economic indicators and corporate earnings to gauge the direction of future investments.