Alphabet's worst day in 20 years drags S&P 500 to first loss in four days

Alphabet’s stock suffered its worst day in over 20 years, falling 12.6% and dragging the S&P 500 to a 0.3% loss, its first decline in four days, despite most other stocks rising. The tech giant’s drop followed a report of weaker-than-expected summer growth, fueling concerns that massive investments in artificial intelligence may not pay off. Alphabet’s cash burn accelerated, with property and equipment purchases exceeding $51 billion, while the Nasdaq tumbled 1.4% and the Dow fell 132 points. The decline overshadowed broad market gains, as four out of five S&P 500 stocks climbed, including strong performers like Eli Lilly and Mastercard. Treasury yields eased to 4.94% amid mixed economic data, while European and Asian markets saw mixed results.