S&P 500 Drops Lead by Big Tech Ahead of Earnings – US Market Wrap

US stocks fell, led by losses in technology stocks, which pushed the S&P 500 Index to its lowest point in more than two weeks.

The S&P 500 fell 0.9%, while the Nasdaq 100 dropped 1.6%. The Dow Jones Industrial Average declined 1%.

Qualcomm fell 3.80% as Arm Holdings canceled a licence allowing the company to use Arm’s intellectual property to design chips. Nvidia fell 2.81%, while Apple shares fell 2.16% after a closely watched analyst said iPhone 16 orders were reduced by approximately 10 million units from the fourth quarter to the first half of 2025.

The rise in the yield on a 10-year Treasury note to its highest level since July weighed on the high-growth, high-multiple technology sector, which fell 1.68%, the second-most among 11 industry groups in the S&P 500.

Following the bell, Tesla reported adjusted earnings per share for the third quarter, which exceeded the average analyst estimate.