KEY TAKEWAYS

• U.S. equities sank at midday Wednesday as tech stocks tumbled in the wake of disappointing earnings reports. 
• Tesla shares plunged after the electric vehicle maker missed earnings estimates as it cut prices to boost sales.
• AT&T shares rose after the company posted better-than-expected postpaid phone net additions and free cash flow.

U.S. equities sank at midday Wednesday as tech stocks tumbled in the wake of disappointing earnings reports. The S&P 500 lost 1.7%, and the Nasdaq sank 2.8%, while the Dow dropped close to 1%.

Tesla (TSLA) shares plunged after the electric vehicle maker missed earnings estimates as it cut prices to boost sales.

Shares of Google parent Alphabet (GOOGL) also lost ground amid concerns about the tech giant’s spending on artificial intelligence (AI) investments, despite an earnings beat.

Visa (V) shares slid after the credit card provider’s revenue came in short of forecasts amid a pullback in consumer spending.

AT&T (T) shares advanced after the telecom giant reported postpaid phone net additions and free cash flow that were better than anticipated.

Shares of Enphase Energy (ENPH) jumped as the solar power equipment manufacturer posted strong operating profit on a recovery in sales in the U.S.

Seagate Technology (STX) shares gained as the hard disk drive maker beat estimates for its profit, sales, and outlook on increasing cloud demand.

Oil and gold futures rose. The yield on the 10-year Treasury note was down. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies were mixed.