The S&P 500 fell 1.1%, below the 4,000 level, while the Nasdaq Composite lost 1.2%. Meanwhile, the Dow Jones Industrial Average slid 305 points, or 0.9%.
In earnings news, Baidu (BIDU) fell 10% after the Chinese internet giant posted earnings and revenue ahead of Wall Street’s expectations. The company notched earnings of $2.36 a share on revenue of $4.4 billion in the three months to the end of June, firmly outpacing analysts’ estimates of a profit of $1.54 a share on $4.3 billion in revenue.
Best Buy (BBY) shares jumped over 2% after the tech-focused retailer posted better-than-expected second quarter earnings.
The Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed U.S. job openings jumped to 11.2 million last month, pointing to continued tightness in the labor market as employers struggle to fill vacancies. Economists surveyed expected 10.375 million in July.
West Texas Intermediate crude oil tumbled 2.7% to $94.39 per barrel, while Brent futures plunged 3.4% to $101.48 per barrel.
October gold futures were last down $14.89 at $1,724.74.
The benchmark 2-year Treasury note yields jumped 6 basis points to 3.482%.