Market saviours to market wreckers: Big tech sends S&P 500 down

The S&P 500 index dipped below the 4,200 mark, approaching a correction - it's down more than 9% from its July peak.

The Nasdaq 100 index fell 2%.

And the reason is that so-called "Magnificent Seven" technology companies that have fueled the rise in US stocks this year are releasing disappointing profit reports, reducing their market value by about $200 billion and threatening to send the S&P 500 Index into a further correction.

Google, Alphabet Inc., Tesla Inc. and Facebook parent Meta Platforms Inc. plunged after reporting, with the only bright spot being Microsoft Corp.

Amazon releases results after the close Thursday, and the options market suggests a one-day move in the stock of 8.1% in either direction, putting about $100 billion in market value at risk.

The remaining two - Apple Inc. and Nvidia Corp. - are due to report next month.