The Nasdaq Composite had its biggest one-day drop in more than four months as investor disappointment with results from Netflix and Tesla called into question the strong, months-long rally in the tech sector.
The tech-heavy Nasdaq Composite dropped 2.1 per cent on Thursday, its biggest daily decline since March 9. Wall Street’s benchmark S&P 500 sank 0.7 per cent.
Tesla shares plunged 9.7 per cent, its biggest single-day drop since early January, after the electric-car maker said on Wednesday its profit margins slipped as a series of price cuts aimed at boosting sales weighed on earnings.
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