Stocks have gone and painted the town red as the US major market averages close on their worst trading day of 2024: the Dow Jones Industrial Average (^DJI) has fallen off by over 500 points (1.25%), the S&P 500 (^GSPC) is down over 2.3%, and the Nasdaq Composite (^IXIC) leads the charge lower by tumbling over 3.6% — or a whopping 650 points.

Julie Hyman breaks down the market's downward trajectory in the wake of Tesla's (TSLA) and Alphabet's (GOOG, GOOGL) second quarter earnings results.

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This post was written by Luke Carberry Mogan.