Wednesday was a rough session on Wall Street, with all four major indices closing deep in the red. The S&P 500 fell 1.54% to 7,301.89, the Nasdaq dropped 2.04% to 24,020.80, and the Dow Jones Industrial Average led the decline with a 2.18% loss, settling at 51,216.29. The small-cap Russell 2000 was not spared either, sliding 1.64% to 2,874.16 in a broad-based retreat.
The selloff appeared to reflect a widespread risk-off mood among investors, with growth and technology names bearing the brunt of the pressure. Nvidia was the day's most notable casualty among large-caps, tumbling 3.55% to $190.01 as enthusiasm around AI hardware valuations continued to face scrutiny. The broader tech-heavy Nasdaq's decline of more than 2% underscored how heavily sentiment in the sector weighed on overall market performance.
A rare bright spot emerged in Alphabet, which managed to gain 0.90% to $336.71, standing out as one of the few mega-cap names to hold its ground. Gold also continued its role as a safe-haven asset, with prices holding firm at $4,052.19 per ounce, suggesting some investors were actively seeking shelter from equity market turbulence.
The uniformity of the decline across market caps — from blue chips to small caps — signals that this was not a sector-specific pullback but a broader reassessment of risk appetite heading into the remainder of the week.