Stock market today: Big Tech slumps after profits from Alphabet and Tesla fail to impress [Video]

Drops for Big Tech are dragging U.S. stock indexes lower on Wednesday after Tesla and Alphabet delivered profit reports that hit Wall Street with a thud.

The S&P 500 was down 1.6% in afternoon trading and on track for its fifth loss in six days. The Dow Jones Industrial Average was down 290 points, or 0.7%, as of 1:38 p.m. Eastern time, and the Nasdaq composite was 2.7% lower.

Tesla was one of the heaviest weights on the market after tumbling 10.5% The electric vehicle maker said its profit for the spring weakened by 45% from a year earlier, and its earnings fell short of analysts’ forecasts.

Alphabet dropped 4.6% even though it delivered better profit and revenue for the latest quarter than expected. Analysts pointed to some pockets of weakness underneath the surface, including weaker growth in advertising revenue for YouTube than expected.

The larger challenge for Alphabet may have simply been …