New York Stock Exchange Falls Sharply

The Dow Jones index lost more than 500 points, falling 1.25 percent to 39,853.87 points. The S&P 500 index lost 2.32 percent to 5,427.12 points. The S&P 500 and Nasdaq 100 indices experienced their biggest decline since the end of 2022. The New York Stock Exchange finished the day with a sharp decline, led by the sell-off in technology stocks. At the close, the Dow Jones index lost more than 500 points, falling 1.25 percent to 39,853.87 points. The S&P 500 index lost 2.32 percent to 5,427.12 points, while the Nasdaq index fell more than 650 points, decreasing 3.62 percent to 17,345.84 points. The S&P 500 index had its worst performance since December 2022, while the Nasdaq index had its worst performance since October 2022. While the financial results of companies were the focus of investors during the intense balance sheet season in the US, the stock markets followed a negative trend after the disappointing financial results of major technology companies such as Alphabet and Tesla. The shares of US technology giant Alphabet, one of the companies that announced their balance sheets after the markets closed yesterday, lost 5.03 percent of their value due to the fact that YouTube ad revenue failed to meet expectations and that the company has not yet made the desired progress in artificial intelligence, despite its revenue and profit exceeding expectations in the second quarter of this year. Tesla also lost value The shares of US electric car manufacturer Tesla also fell 12.33 percent after the company's financial results announced yesterday failed to meet expectations and postponed the Robotaxi introduction. The shares of financial services company Visa fell 4 percent after the slowdown in payment volume. The decline in chipmaker shares also stood out, with Nvidia's shares losing 6.8 percent, Broadcom's shares losing 7.6 percent, and Arm's shares losing 8.2 percent. Analysts stated that the financial results of IBM and Ford, which will announce their balance sheets after the markets close, will also be closely monitored. On the macroeconomic data front, the US manufacturing industry Purchasing Managers' Index (PMI) fell 2.1 points monthly to 49.5 in July, below market expectations. New home sales in the US also fell 0.6 percent monthly in June due to high housing prices and mortgage interest rates, recording their lowest level since November 2023.