Nvidia-Led Tech Slide Cracks Summer Calm in Stocks: Markets Wrap

Wall Street’s summer calm cracked as a selloff in big tech dragged down stocks, underscoring the American market’s narrow reliance on a handful of growth giants.

The Nasdaq 100 slid 1.4% — its second-worst drop since April’s tariff shock — led by a 3.5% rout in Nvidia Corp. That pressure overwhelmed gains in over 350 shares in the S&P 500, exposing the fragility of an index propped up by megacaps. Home Depot Inc.’s results lifted big-box retailers while Intel Corp. jumped as the US is ironing out details of a deal to take a 10% stake.

Tech stocks swoon.

Photographer: Michael Nagle/Bloomberg