US Stock Market today: Why are S&P 500, Dow Jones, Nasdaq down? Check top and worst performing stocks at Wall Street

US Stock Market major indexes S&P 500, Dow Jones, and Nasdaq fell on Thursday as a historic drop for Alphabet’s stock dragged the Wall Street lower. On Thursday, S&P 500 fell 23.59 points, or 0.3 per cent, to 7,720.39, Dow Jones Industrial Average fell 132.54 points, or 0.3 per cent, to 52,342.56, Nasdaq composite fell 365.13 points, or 1.4 per cent, to 26,184.72.

Even though S&P 500, Dow Jones, and Nasdaq suffered tough trading day, small cap Russell 2000 rose 28.71 points, or 1 per cent, to 2,859.22.

Google-Parent Alphabet


S&P 500 witnessed its first drop in four days. The loss came even though the majority of stocks within the index and across Wall Street rose. Google’s parent company was the main reason for the losses, and had its worst drop on record after reporting weaker growth for the summer than analysts expected. The report underscored worries about whether huge investments in AI will pay off. Treasury yields fell.

Alphabet is one of the most influential stocks on Wall Street because it’s one of the largest, and the Class A shares of its stock fell 12.6 per cent for their worst day since they began trading more than 20 years ago. The tech giant had been under pressure to at least meet analysts’ expectations for growth amid concerns about how much it’s spending to invest in AI.

Top Performing Stocks at Wall Street

Many companies rallied after reporting stronger profits for the summer than analysts expected, including KLA Corp. The company, whose equipment helps make semiconductors, rose 5.5 per cent.

Eli Lilly climbed 6.6 per cent, Mastercard rose 4.2 per cent and Merck added 3.8 per cent. DoorDash rose 5.6 per cent, Norwegian Cruise Line Holdings steamed 13.4 per cent higher, Ford gained 12.4 per cent, Merck's shares advanced 3.8 per cent, Lumentum shares rose 0.6 per cent.

Worst Performing Stocks at US Stock Market

Semiconductor stocks dropped 1.4 per cent. Caterpillar shares tumbled 9.3 per cent. Software stocks were broadly weak. Fortinet and ServiceNow both dropped more than 20 per cent after reporting their quarterly results.

Marvell Technology slumped 13.2 per cent, Amazon dropped 6.5 per cent.