US stocks tumble; S&P, Nasdaq close at multi-week lows

The S&P 500 suffered its biggest single-day decline since December 2022, ending its longest streak without a 2% drop since the onset of the global financial crisis. The Nasdaq 100 was hit even harder, plummeting over 3.5%. Alphabet Inc.'s shares fell 5% after the company invested heavily in its efforts to compete with rivals in AI, resulting in higher-than-expected spending. Tesla Inc.'s stock plunged 12% following disappointing profits and a delay in its Robotaxi project.