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Tech Stocks Drag Down S&P as Watchdog Group Finds Record Low EPA Enforcement
Wall Street experienced another day of losses Wednesday, weighed down by technology stocks, while a watchdog group revealed the Trump EPA initiated a record low number of legal actions against polluters in 2025. Separately, Nevada legislators are planning to investigate potential alterations to a public record related to a safety inspection of Elon Musk's Boring Company, and quantum computing company IonQ is facing scrutiny over its revenue sources. In other news, Disney announced the promotion of Josh D'Amaro to CEO and Dana Walden to President and Chief Creative Officer.
The S&P 500 fell 0.5%, marking its fifth loss in the last six days, according to Fortune. The Nasdaq composite sank 1.5%. Advanced Micro Devices (AMD) experienced a significant drop of 17.3%, despite reporting stronger-than-expected profits for the latest quarter and providing a positive revenue forecast for early 2026. "More than twice as many stocks rose within the SP 500 than fell, but sinking technology stocks weighed on the index for a second straight day," Fortune reported.
In environmental news, the Environmental Integrity Project (EIP) found that the Trump administration's Environmental Protection Agency (EPA) took a record low number of legal actions against polluters in 2025, even compared to Trump's first term, according to NPR News. The EIP examined court records and found only 16 legal actions were taken.
Meanwhile, in Nevada, Assemblymember Howard Watts, chairman of a legislative committee, stated in an interview that his committee will investigate the alteration of a public record following a Nevada OSHA inspection of Elon Musk's Boring Company, Fortune reported. The investigation stems from a withdrawn citation issued to the Boring Company related to a safety incident at one of its tunneling sites. A senior safety official acknowledged the document alteration during a legislative hearing on Tuesday.
Quantum computing company IonQ is also under scrutiny after a report by short-seller Wolfpack Research alleged the company misled investors about the organic demand for its technology, Fortune reported. Wolfpack, which has a financial incentive to see IonQ's stock price decline, claimed IonQ did not disclose its dependence on "backdoor earmarks inserted into the Pentagon budget by friendly lawmakers" and that these earmarks were canceled after Republicans gained control of Congress in 2025.
In corporate news, Disney leader Bob Iger announced the promotion of Josh D’Amaro to CEO and Dana Walden to President and Chief Creative Officer, Fortune reported. According to Fortune, this move is part of "a media leadership succession dream team, groomed from within in a classic succession process of trial assignments, leading to proven competence and credibility."
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