NEW YORK — The S&P 500 was down almost 50 points to around 2,640 in trading on Tuesday afternoon, and the tech heavy Nasdaq dropped more than 125 points to just above 6,900, levels that erased all gains for the indexes this year.
The Dow Jones Industrial Average was down more than 600 points at around 3 p.m local time, falling below 24,500 points as investors shied away from tech and retail stocks.
The sell-off in the Dow as investors grew increasingly wary of a slowdown in earnings closed out their positions on mainstay tech stocks like iPhone maker Apple. Retail shares also declined, with discount store Target suffering a sharp drop after posting disappointing third-quarter earnings.
Shares in Apple and online retailer Amazon.com both shed roughly 6% at one point, while video streaming service Netflix faced a more-than-10% decline. Prices of those stocks recovered later in the morning.
Micron Technology also faced selling after Chinese authorities reported progress in antitrust investigations against the chipmaker and analysts downgraded their outlook for its shares. Semiconductor peers including Advanced Micro Devices, known as AMD, also fell at the opening bell.
Aircraft maker Boeing’s share price also dropped steeply, dragging down the rest of the Dow, amid concerns stemming from the involvement of one of its craft in last month’s deadly Lion Air crash in Indonesia.
Besides Target, whose shares fell more than 10% after existing-store sales fell short of market forecasts, fellow discount retailer TJX also faced heavy selling after its earnings per share and outlook missed market expectations.
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