Stocks hit the skids, a reminder that sometimes happens.

I'm David Brancaccio in New York.

Wall Street indexes are still droopy this morning after a surge downward yesterday.

The S&P 500 index fell 2.3% the

NASDAQ had its deepest drop in two years down 3.5% that's like the Dow

falling 1400 points of the Dow falling 1,400 points,

although the Dow actually fell 5004 points,

1.5%.

Some are calling it a rebalancing,

as investors pull back from some of their tech darlings,

Marketplace's Nova Safo has more. pull back from some of their tech darlings.

Marketplace's Nova Safo has more.

The plunge in the major index is not necessarily all bad news.

We're moving from a very narrow market.

To a broader one, says Susan Schmidt,

head of public equity at the State of Wisconsin Investment Board.

The gains that we've seen in the market thus far

this year have really been driven by a very narrow very select few companies.

The Magnificent seven big tech giants including invidia, Microsoft, and Amazon.

Investors have been optimistic about artificial intelligence-powered innovations

and have been pushing up those company's stock prices.

But second quarter results are coming in, and they're mixed so far.

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