Stock market news today: Nasdaq sinks near 3% as Tesla, Alphabet earnings spark tech sell-off

The Nasdaq led US stocks lower on Wednesday after lackluster Alphabet and Tesla earnings stirred up worries that Big Tech's power to fuel gains is fading.

Lamb Weston (LW) saw its stock fall more than 25% after reporting results before the bell that showed profits and sales falling short of estimates in its fiscal fourth quarter .

CEO Tom Werner said in a statement the company was "disappointed" by its performance.

Google saw cloud revenue of $10.35 billion and operating income of $1.17 billion in Q2 2023 .

YouTube ad revenue, however, fell short, with the segment bringing in $8.66 billion versus expectations.

Tesla stock slides 10% after company reports mixed Q2 results, says 'affordable' EVs on track for 2025 debut.

AT&T CFO Pascal Desroches: "We are probably a bit of a lagging indicator. We're not going to be the ones to first see weakness" "I'm incredibly impressed by Nvidia 's execution and the capability of their hardware. And what we are seeing is that the demand for Nvidia hardware is so high that it's often difficult to get the GPUs.".