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On Wednesday, tech stocks took a big hit after disappointing earnings from Alphabet (the company that owns Google) and Tesla made people worried that big tech companies might not be doing as well as before.

The main stock index, the S&P 500, fell more than 2% for the first time in over a year. The Dow Jones Industrial Average dropped about 1.2%, and the Nasdaq, which has a lot of tech stocks, fell the most, dropping about 3.6%, which was its worst day since October 2022.

Investors were reacting to mixed results from Alphabet and Tesla, which were the first of the big tech companies to report their earnings. Tesla’s stock price fell more than 12%, and Alphabet’s stock price fell more than 5%.

Overall, the biggest seven tech companies lost more than $750 billion in value on Wednesday, which is the most they have ever lost in one day.