Stock Market Today: Nasdaq Slides on Tech Sell-Off as Dow Rises 300 Points Amid Earnings Rush

Major U.S. stock indexes were mixed on a busy earnings Wednesday, as renewed pressure on technology stocks dragged the Nasdaq and S&P 500 lower, while the Dow Jones Industrial Average managed to post solid gains.

The tech-heavy Nasdaq Composite fell around 1.2%, while the benchmark S&P 500 slipped 0.3% in recent trading. In contrast, the blue-chip Dow Jones Industrial Average gained 0.7%, or nearly 300 points, supported by strong performances in select healthcare and industrial stocks.

Tech Stocks Under Pressure Again

Technology shares once again struggled as investors continued rotating out of growth stocks. Concerns about artificial intelligence disrupting traditional software business models have weighed heavily on the sector throughout 2026.

The pressure intensified after AI startup Anthropic released new workplace productivity tools, raising fears that AI could reduce demand for legacy enterprise software. As a result, software and semiconductor stocks faced renewed selling.

Yesterday’s session already set the tone, with the Nasdaq closing down 1.4% and the S&P 500 losing 0.8%, while the Dow slipped 0.3% despite hitting a new all-time high earlier in the day.

Magnificent Seven Stocks Fall

All members of the so-called “Magnificent Seven” tech giants were lower on Tuesday, and most continued to decline on Wednesday.

Among the biggest laggards were:

• Tesla – down around 4%
• Nvidia – down nearly 3%
• Alphabet – fell 2% ahead of earnings
• Amazon – down 2.5% before results

Investors appear increasingly cautious about high valuations in the AI-driven tech rally, especially as earnings growth struggles to keep pace with stock prices.

AMD Shock: 17% Drop Despite Strong Results

One of the most surprising moves came from Advanced Micro Devices (AMD), whose shares plunged 17%, even after reporting better-than-expected quarterly earnings and guidance.

The sharp decline suggests that expectations were already extremely high, and investors may be reassessing how much upside remains in semiconductor stocks after months of aggressive buying.

Big Post-Earnings Movers

Several stocks made dramatic moves following earnings reports:

• Enphase Energy (ENPH) surged 36%
• Super Micro Computer (SMCI) jumped 11%
• Eli Lilly (LLY) gained 9%, reclaiming a market cap above $1 trillion
• Boston Scientific (BSX) dropped 15%
• AbbVie (ABBV) declined 5.5%
• Uber Technologies (UBER) fell 5%
• Take-Two Interactive (TTWO) slipped 2.5%

Meanwhile, Qualcomm (QCOM) rose 3% ahead of its earnings report after the market close.

Major Deal: Texas Instruments Acquires Silicon Labs

One of the day’s biggest headlines came from the semiconductor space.
Silicon Laboratories (SLAB) skyrocketed 50% after announcing it would be acquired by Texas Instruments (TXN) in an all-cash deal worth approximately $7.5 billion.

While SLAB investors celebrated, Texas Instruments shares fell about 2%, as markets weighed the cost of the acquisition.

Dow Boosted by Amgen

The Dow’s strength was largely driven by Amgen (AMGN), which surged 8.5% after delivering strong earnings and optimistic outlook.

Healthcare stocks have increasingly been viewed as defensive investments amid volatility in technology and growth sectors.

Bitcoin and Crypto Market Update

Cryptocurrencies also faced selling pressure.
Bitcoin dropped as low as $72,100, its lowest level since November 2024, before recovering slightly to trade near $73,900.

The broader crypto market has been impacted by tighter global liquidity and shifting investor appetite toward traditional assets like gold and government bonds.

Dollar, Gold, and Silver Movements

The U.S. dollar index rose 0.2% to 97.61, although it remains near four-year lows. A weaker dollar typically supports commodity prices, which was reflected in the precious metals market.

• Gold futures climbed 0.6% to around $4,965 per ounce
• Silver futures surged 4% to approximately $86.75 per ounce

Both metals rebounded sharply after recent profit-taking. Last week, gold had touched near $5,625, while silver briefly reached $121.75, highlighting extreme volatility in the commodities space.

Market Outlook: Volatility Likely to Continue

With earnings season in full swing, investors are navigating a complex environment:

• Rising concerns about AI disruption
• High valuations in technology stocks
• Strong but uneven corporate earnings
• Renewed interest in defensive assets like healthcare and precious metals

As capital rotates out of high-growth tech names and into safer sectors, market volatility is expected to remain elevated in the coming weeks.

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For traders and long-term investors alike, the current phase emphasizes the importance of diversification, risk management, and closely monitoring earnings guidance rather than just headline results.

In short, while the Dow continues to show resilience, the broader market remains fragile — and technology stocks are no longer the guaranteed leaders they once were.