US Markets Decline: DJIA Falls 669 Points at Close; Nasdaq Drops 2% with Apple Plummeting 5%

US Stock Market Decline: The US stock market experienced a significant drop on Thursday, with the DJIA falling 669 points (1.3%), the Nasdaq down 469 points (2%), and the S&P 500 decreasing by 108 points (1.6%) as investors sold off tech stocks.

Cisco's Quarterly Results: Cisco reported quarterly results that exceeded expectations; however, a disappointing gross margin target led to a 12.3% decline in its stock, making it the biggest loser in the DJIA.

Tech Stocks Under Pressure: Major technology companies faced substantial selling pressure, with Apple down 5%, Meta and Amazon both down over 2%, Nvidia down 1.6%, and Microsoft down slightly.

Defensive Stocks Perform Well: In contrast to the tech sector, defensive stocks like Walmart and Costco saw gains, increasing by 3.8% and 2.1%, respectively, amid the market downturn.