The Dow Jones Industrials plunged 404.64 points, or 1%, to close Tuesday at 38,585.19.
The S&P 500 dropped 52.3 points, or 1%, to 5,078.65.
The NASDAQ sank 267.92 points, or 1.7%, to 15,939.59, as technology stocks felt the brunt of the market’s drop.
Apple slipped almost 3% on the back of a report from Counterpoint Research that found iPhone sales plunged in China in the first six weeks of 2024.
Several other mega-cap technology stocks including Netflix and Microsoft shed more than 2%, while Tesla slipped more than 3%. The S&P 500’s information technology sector led the broad index down with a drop of more than 2%.
Outside mega-cap tech, GitLab tumbled more than 20% after the software company posted a weak forecast for the full year.
Beyond tech, Target jumped 12% after holiday-quarter earnings came in stronger than Wall Street forecasted. AeroVironment rallied almost 28% following a better-than-anticipated quarterly report and outlook from the defense company.
Prices for the 10-year Treasury bounced, lowering yields to 4.14% from Monday’s 4.22%. Treasury prices and yields move in opposite directions.
Oil prices lost 56 cents to $78.18 U.S. a barrel.
Gold prices surged $12.10 to $2,138.40.