Nasdaq crashes, Dow Jones, S&P 500 fall even after more stocks jump on Wall Street. Here's why

Market Overview - U.S. stock market indexes ended lower, with the S&P 500 falling 37.14 points to 6,926.60, marking a 0.5% decline for its second consecutive loss after reaching an all-time high [9] - The Dow Jones Industrial Average dipped 42.36 points to 49,149.63, a decrease of 0.1%, while the Nasdaq composite fell 238.12 points to 23,471.75, reflecting a 1% loss [9] Company Performance - Wells Fargo's stock fell 4.6% after reporting weaker profit and revenue than expected, attributed to lower trading fees and miscellaneous items [1][9] - Bank of America experienced a 3.8% decline despite reporting stronger-than-expected profits, with concerns regarding the size of upcoming expenses [2][9] - Citigroup's stock decreased by 3.3% following its profit report, as the company is undergoing a turnaround under CEO Jane Fraser [2][9] - Biogen's stock sank 5% after the company indicated it expects a profit hit in Q4 2025 due to increased research and development expenses [4][9] Industry Trends - Companies across various industries are under pressure to demonstrate strong profit growth to justify high stock prices, with analysts expecting S&P 500 companies to report an 8% increase in earnings per share for Q4 2025 compared to the previous year [3][9] - Technology stocks were the heaviest weights on the market, giving back gains from previous years driven by artificial intelligence technology, leading to criticisms of overvaluation [7][9] - Nvidia's stock fell 1.4%, while Broadcom's stock decreased by 4.2% [8][9] Sector Performance - Despite the overall market decline, more stocks rose than fell on Wall Street, with Exxon Mobil and other oil companies providing support to the S&P 500 [8][9] - Exxon Mobil's stock rose 2.9%, and Chevron's stock climbed 2.1%, coinciding with a 1.4% increase in the price of benchmark U.S. oil, which settled at $62.02 per barrel [8][9] - Smaller companies performed better than the broader market, with the Russell 2000 index rising 0.7% [8][9]