The profit reports from Tesla and Alphabet weren’t disasters, but they raised questions among investors about which other market heavyweights’ springtime results could fall short of expectations.
NEW YORK — A wipeout on Wednesday sent U.S. stock indexes to their worst losses since 2022 after profit reports from
Tesla has become one of Wall Street’s most valuable companies not just because of its electric vehicles but also because of its AI initiatives, such as a robotaxi. That’s a tough business to assign a value to, according to UBS analysts led by Joseph Spak, and the “challenge is that the time frame, and probability of success is not clear.”
The larger challenge for Alphabet may have simply been how much its stock has already rallied, nearly 50% in the 12 months through Tuesday, on expectations for continual growth. The Russell 2000 index of smaller stocks had leaped at least 1% in seven of the last 10 days, though its momentum also slammed into a wall. It dropped 2.1% Wednesday.
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