The Dow Jones Industrials thundered lower 105.45 points to 33,035.93.
The S&P 500 index faltered 60.9 points, or 1.4%, to 4,186.77. It was the first time the S&P 500 closed below this threshold since May.
The NASDAQ slumped 318.65 points, or 2.4%, to 12,821.22, for its worst day since Feb. 21, when the index shed 2.5%.
Alphabet shares tumbled more than 9% as its cloud business missed analysts’ estimates, overshadowing its strong revenue growth and earnings beat. Class A shares of Alphabet registered their worst day since March 2020. The S&P 500 communication services sector shed 5.9%.
Shares of peer tech behemoths and Apple slipped about 1.4%, while Amazon tumbled 5.6%. Amazon is set to report third-quarter results after the closing bell on Thursday.
Microsoft stood out as an outlier among the decline in tech stocks on Tuesday, with shares gaining 3% after first-quarter results beat Wall Street estimates.
Tech firms IBM and Meta will post quarterly results in the afternoon. About 29% of S&P 500 companies have posted third-quarter earnings thus far. Of those companies, 78% have exceeded expectations.
Prices for the 10-year Treasury sagged, propelling yields to 4.95% from Tuesday’s 4.81%. Treasury prices and yields move in opposite directions.
Oil prices recouped $1.46 to $85.20 U.S. a barrel.
Gold prices gained five dollars to $1,991.10.