The Dow Jones Industrials fell 232.91 points to 31,601.20.
The S&P 500 slid 32.91 points to 3,902.27.
The NASDAQ Composite dropped 88.28 points to 11,275.96.
Tech stocks continued to take a beating on Thursday. Apple lost more than 3%, pushing the shares into bear market territory — down 22% from a 52-week high. It came as Saudi Aramco surpassed the tech giant as the world’s most valuable company on Wednesday.
Amazon and Microsoft also fell Thursday, dipping 2% each. Salesforce dropped 3.6%.
On the earnings front, Disney shares dragged down the Dow, falling more than 5% after reporting mixed earnings results and hitting a two-year low.
The media giant reported higher-than-expected streaming subscriber growth, but warned about the COVID impact on parks in Asia. Boeing and American Express also weighed on the Dow, shedding about 4% each.
Rivian Automotive added 8% and Beyond Meat slumped more than 13% on Thursday following quarterly results.
Fresh producer price index data, which measures prices at the wholesale level, rose 11% year over year. That number fell from March but came in above expectations and did little to shake fears of rising inflation.
Treasury prices gained sharply, with yields slumping to 2.86% from Wednesday’s 2.93%. Treasury prices and yields move in opposite directions.
Oil prices were unchanged at $105.71 U.S. a barrel.
Gold prices tumbled $13.40 to $1,840.30 U.S. an ounce.
Selloff Resumes