Back down goes Wall Street as Big Tech resumes its slide
By STAN CHOE, Associated Press Business Writer NEW YORK (AP) — Back down goes Wall Street, and its former superstars are once again leading the way. The S&P 500 is down 1.1% in morning trading. It’s coming off a dizzying ride where it tumbled 10% from its record and then rallied for two straight days. The Dow Jones Industrial Average was down 211 points, or 0.5%., as of 10:20 a.m. Eastern time, and the Nasdaq composite was 1.9% lower. Tesla was one of the heaviest weights on the market after falling 6%. The electric-vehicle maker’s stock has been struggling on worries that its brand has become too intertwined with Elon Musk, who has been leading efforts to cut spending by the U.S. government. EV rivals, meanwhile, continue to chip away at its sales. China’s BYD on Monday announced an ultra fast EV charging system that it says is nearly as quick as a gasoline fill-up. Alphabet sank 4.2% after the owner of Google said it would buy cybersecurity firm Wiz for $32 billion. It would be the company’s most expensive purchase in its 25-year history