Wall Street experienced a turbulent session on Wednesday, with the S&P 500 index heading toward its worst performance in over a year and the tech-focused Nasdaq 100 eyeing its fifth decline in the last six sessions.

The Magnificent Seven group —Microsoft Corp.(NYSE:MSFT),Apple Inc.(NASDAQ:AAPL),NVIDIA Corp.,Alphabet Inc.,Amazon Inc. (NASDAQ:AMZN),Meta Platforms Inc.(NASDAQ:META) andTesla, Inc.— wiped out over $570 billion in their combined market valuation by midday trading in New York. TheRoundhill Magnificent Seven ETF(NYSE:MAGS) fell 4.9%, marking the worst daily performance since the fund's inception last year.

Tesla...