The S&P 500 was lower on Tuesday as a tech selloff that began during the prior session picked up steam overnight, with global markets in Asia routed as memory chip-related shares tumbled.
The Dow Jones Industrials gained 16.93 points to 51,729.64.
The much-broader index shed 88.66 points, or 1.2%, to 7,384.13.
The NASDAQ plunged 469.76 points, or 1.8%, to 25,696.74
The major averages came off their lows as tech stocks outside of chipmakers such as Microsoft and Amazon as well as defensive stocks like Walmart, Procter & Gamble and Johnson & Johnson moved higher. Additionally, International Business Machines shares popped 4% following an upgrade to overweight at JPMorgan, while Sherwin-Williams and Merck saw gains as well.
Micron Technology then followed suit, with the memory chipmaker down 10%. Sandisk fell 12% while components maker Seagate Technology also shed more than 6%. Intel pulled back 3%, while Advanced Micro Devices gave up 5% and Qualcomm lost 10%.
Recent IPO Cerebras will report earnings after the bell Tuesday, while Micron will report results on Wednesday after the close.
Prices for the 10-year Treasury rebounded, lowering yields to 4.48% from Monday’s 4.51%. Treasury prices and yields move in opposite directions.
Oil prices sank 92 cents to $72.94 U.S. a barrel.
Gold prices dropped $46.70 to $4,156. U.S. an ounce.
