NEW YORK—Drops for Tesla, Netflix and other big tech-oriented stocks put the clamps on Wall Street’s torrid rally Thursday.
The S&P 500 fell 30.85, or 0.7 percent, to 4,534.87, coming off its highest close since early April 2022 and its seventh gain in the last eight days. The Nasdaq composite dropped 294.71, or 2.1 percent, to 14,063.31 and its worst loss in more than four months.
The Dow Jones Industrial Average was an outlier and up 163.97 points, or 0.5 percent, to 35,225.18 because it has less of an emphasis on tech stocks.
Tesla tumbled 9.7 percent despite reporting stronger profit and revenue for the spring than expected. Analysts said investors may be concerned about how profitable the electric vehicle maker will be after cutting prices. Planned factory downtime during the summer for upgrades could also weigh on its upcoming results….