S&P 500 Falls 2%: Worst Day Of 2022 So Far As ‘Magnificent Seven’ Loses Nearly $800bn

It was a tough Wednesday for stocks, with two of the three major indexes heading for their worst days in more than a year after the latest round of corporate reports.

KEY FACTS

The benchmark S&P 500’s 2.3% drop was its biggest percentage loss since December 2022. The tech Nasdaq’s 3.6% drop marked its worst day since October 2022, while the Dow Jones Industrial Average, which tracks just 30 stocks, suffered a lighter loss of 1.3%.
The losses followed Tuesday afternoon earnings reports from three of the 15 most valuable U.S. companies — Google parent Tesla and credit card giant Visa — that disappointed the market.
Tesla’s 12% drop after reporting a 45% year-over-year profit decline was the biggest since January, Visa’s 4% drop after the company’s first quarterly revenue decline of 2020 delivered its biggest daily decline since May 2022 Alphabet’s 5% drop was its worst day since February.
The tepid response to Alphabet and Tesla, the first two of the “Magnificent Seven” to report second-quarter results, may bode particularly poorly for the broader market, given the septet’s huge contribution to overall earnings growth and higher marks.
Five of the other seven great stocks also fell sharply on Wednesday, with Amazon down 3%, Apple down 3%, Meta down 6%, Microsoft down 4% and Nvidia down 7%.

BIG NUMBER

770 billion dollars. The Magnificent Seven lost roughly that much market value on Wednesday, led by losses of more than $100 billion for Alphabet and Nvidia.

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KEY STORY

Next week, four of the remaining “Magnificent Seven” companies will announce their financial results: Microsoft on Tuesday, Meta on Wednesday, Amazon and Apple on Thursday, while Nvidia will announce its results at the end of August. These companies’ rising earnings and increasing price/earnings driven by investor interest in artificial intelligence have supported record market growth since the end of 2022, despite interest rates at their highest level in two decades. All three major indexes hit new all-time highs earlier this month. However, trends have changed in the past week. The S&P and Nasdaq are down 3% and 5%, respectively, from their record highs hit earlier this month. Goldman Sachs strategists warned last week that there was a strong potential for a summer decline because of possible volatility related to geopolitical events.

The Future Forbes Realty Global Properties

Bitcoin Surges 23% In A Week As Investor Optimism Returns

by News Editor

August 21, 2026

Bitcoin was on track for a weekly gain of around 23% on Friday as a series of positive macroeconomic and policy developments boosted investor sentiment.

The cryptocurrency was trading about 6% higher at roughly $77,000, up from around $62,800 at the start of the week. Crypto-related stocks also rallied, with Coinbase and Circle gaining more than 9%, while Strategy rose 7%.

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Macro Factors Fuel Rally

Bitcoin’s latest surge began Wednesday after Treasury yields fell sharply following a major intervention by the U.S. Treasury in the bond market. Lower yields eased pressure on risk assets and helped trigger a broader move into cryptocurrencies.

The rally was further amplified by a major short squeeze. Around $2.7 billion in crypto short positions were liquidated, according to CoinGlass.

Max Stuedlein, head of Partnerships at Sygnum APAC, said the move reflected an alignment of macroeconomic and policy catalysts, including the Treasury’s decision to increase buybacks of longer-dated government debt.

Clarity Act Boosts Sentiment

Investor confidence improved further on Thursday as the White House and crypto industry leaders made a final push to advance the Clarity Act in the coming weeks.

The legislation is widely viewed as a potential catalyst for the crypto market, although its chances of passing remain relatively limited.

Despite the rally, bitcoin remains well below its 2026 high of $94,820 reached in January and its all-time high of $126,198, set last October.

Analysts See More Volatility Ahead

Lucy Gazmararian, founder and managing partner at Token Bay Capital, said the crypto market may be approaching the end of its bear cycle.

She expects bitcoin could experience one more decline of around 20% before the market turns, pointing to historical cycles and the recent liquidation of heavily leveraged short positions.

Gazmararian also described bitcoin as a long-term hedge against monetary debasement, while warning that its short-term price remains highly volatile and driven by market cycles.

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