US stocks faced a downturn following mixed earnings reports from Alphabet and Tesla, with Nasdaq and Russell 2000 indexes shifting. While Alphabet outperformed expectations, Tesla's revenue beat estimates but led to a 1% stock drop.
The market also reacted to news of Kamala Harris projected as the nominee and Biden's settled withdrawal. Big Tech earnings from companies like Tesla and Alphabet disappointed, impacting Nasdaq futures and driving concerns about market valuation and interest rates.
Despite this, the overall market remains resilient amid a shift towards small-cap stocks and interest rate-sensitive assets. While tech giants lost significant market cap, the market is poised for continued growth, with Alphabet's upcoming earnings highlighting AI investments and potential earnings growth.
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