Stock market today: Global shares tumble after a wipeout on Wall Street as Big Tech retreats

Global shares have dropped, with Tokyo’s benchmark losing more than 1,300 points at one point and closing 3.3% lower, as pessimism set in over Wall Street's overnight nose-dive. Chinese shares fell as investors questioned a central bank decision to cut another key interest rate after several similar moves earlier this week. U.S. futures were mixed and oil prices declined. On Wednesday, U.S. stock indexes had their worst losses since 2022 after profit reports from Tesla and Alphabet helped suck momentum from Wall Street’s frenzy around artificial-intelligence technology. Profit expectations are high for U.S. companies broadly, but particularly so for the small group of stocks known as the “Magnificent Seven.”