The Dow Jones Industrials faltered 294.43 points to commence Tuesday at 31,585.81
The S&P 500 cratered 76.56 points, or 1.9%, to 3,897.19.
T
he NASDAQ Composite was in freefall, dropping 398.09 points, or 3.5%, to 11,137.18,
Snap shares plummeted more than 36% after the company said it’s bracing to miss earnings and revenue targets in the current quarter and warned of a hiring slowdown. Shares of Meta Platforms followed Snap lower, falling 6%, while Pinterest lost 17%.
Shares of other major tech companies followed Snap lower. Alphabet and Netflix each slid about 6%. Amazon fell 3% and Apple was down more than 1%.
On Tuesday shares of apparel maker Abercrombie & Fitch dropped 27% after reporting that freight and product costs weighed on sales for the fiscal first quarter.
Best Buy shares initially popped after the company reported a mixed quarter, but were last less than 1% lower. Retailers were among the top gainers in the S&P 500 during Monday’s relief rally.
Nordstrom and Urban Outfitters will report earnings after the bell.
Treasury prices gained ground, lowering yields to 2.85% from Monday’s 2.86%. Treasury prices and yields move in opposite directions.
Oil prices gained 50 cents to $110.79 U.S. a barrel.
Gold prices gained $19.60 to $1,867.40 U.S. an ounce.