The ASX200 is staring down losses of 0.8 per cent after the Nasdaq & S&P 500 took their biggest hits since late 2022. The Nasdaq plunged 3.6%, the S&P500 2.3% and the Dow Jones 1.2%, as megacap stocks delivered underwhelming earnings reports – seeding doubts around the AI-driven rally’s sustainability. Some of the biggest drags included Tesla – which fell 12%; ARM and Nvidia were both down close to 8%; Visa shed nearly 4%; and, Microsoft, 3.5%. Meanwhile Canada’s TSX lost ground after policymakers dropped interest rates by 25 basis points to 4.5%. It’s the second monthly rate cut in a row. Bac…