12:38 PM EDT, 07/24/2024 (MT Newswires) -- US equity indexes slumped, with the Nasdaq Composite down over 500 points, as disappointing quarterly results from heavyweights Tesla (TSLA) and Alphabet (GOOG, GOOGL) weighed on investors' risk sentiment.

The Nasdaq sank 2.8% to 17,486.1, with the S&P 500 down 1.7% to 5,463.2 and the Dow Jones Industrial Average 0.7% lower at 40,074.3. The communication services, consumer discretionary, and technology sectors were standout decliners intraday after earnings from the Magnificent-Seven constituents disappointed.

Tesla shares fell 10% intraday, among the worst performers on the S&P 500 and the Nasdaq, after the electric vehicle manufacturer's Q2 earnings fell short of market expectations, hit by lower vehicle prices and restructuring charges.

Google's ( GOOG ) parent company, Alphabet, reported better-than-expected Q2 results, but its YouTube ( GOOG ) advertising revenue fell short of analysts' projections. Shares dropped 5.1% intraday.

In economic news, the July flash reading of manufacturing conditions from S&P Global fell to a seven-month low of 49.5 from 51.6 in June, compared with expectations for no change in a survey compiled by Bloomberg. The contraction signaled by the latest print is in line with the Empire State and Richmond Fed manufacturing indexes but in contrast with the Philadelphia Fed manufacturing index that indicated expansion in the regional sector.

Meanwhile, US new-home sales fell to a 617,000 annual rate in June from an upwardly revised 621,000 rate in May, compared with the 640,000 rate expected in a survey compiled by Bloomberg. Home sales slid 7.4% from a year ago.

Treasury yields were mixed, with the 10-year down one basis point to 4.23% and the 30-year rate rose 1.5 basis points to 4.48%.

West Texas Intermediate crude oil jumped 1.1% to $77.79 a barrel.