The Nasdaq 100 closed down 2.9% on Wednesday, its biggest one-day drop since December 2022, ChainCatcher reported.

The “Big Seven” heavyweight stocks all fell, with Nvidia falling more than 6.6% and Apple falling 2.5%. The market value of the “Big Seven” evaporated by a total of about US$580 billion (about RMB 4.21 trillion) in a single day.

Goldman Sachs' trading desk says the S&P 500 has only one way to go now, down, and it won't be buying the dip.