Why is the stock market down? What experts say

The stock market dropped June 23 amid concerns over long-term valuations of artificial intelligence.

The Nasdaq Composite was down 1.2% as of 10 a.m., followed by the S&P 500 at 0.9%, according to CNBC. The Dow Jones Industrial Average experienced a smaller decline at 0.2%.

The numbers rebounded slightly from earlier in the morning when the Nasdaq dropped as much as 2.4%, Yahoo Finance reported.

Elsewhere Bitcoin dropped 3.75% and for some popular stocks Nvidia was down 2.75% and Tesla down 4.18%.

CNBC attributed the stock slide to an ongoing sell-off that began in the previous session due to tech concerns. Specifically, the market reflected questions over memory chips, devices that handle data transfers used in artificial intelligence.

The drop comes in the wake of Alphabet, the parent company of Google, closing June 22 with a 5% drop to mark its worst stock market day in more than a year. The company lost two prominent officials in the previous week to a pair of rivals in OpenAI and Anthropic.

This article originally appeared on NorthJersey.com: Stock market drops, why and how much