U.S. stocks traded lower midway through trading, with the Nasdaq Composite dipping more than 500 points on Wednesday.

The Dow traded down 0.76% to 40,052.02 while the NASDAQ fell 2.89% to 17,476.46. The S&P 500 also fell, dropping, 1.75% to 5,458.52.

Leading and Lagging Sectors

Utilities shares jumped by 0.8% on Wednesday.

In trading on Wednesday, consumer discretionary shares fell by 3%.

Top Headline

Tesla Inc(NASDAQ:TSLA) shares dipped more than 11% on Wednesday on the heels of the company's second-quarter financial results. The EV maker noted that it expects 2024 vehicle volume growth to be lower than in 2023.

Tesla said second-quarter revenue increased 2% year-over...