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Stocks fell sharply in volatile trading on Thursday as investors dumped riskier assets in favor of traditional safe havens like bonds.
The Dow Jones Industrial Average tumbled 545.91 points, or 2.1%, to close Thursday at 25,052.83, bringing its two-day losses to more than 1,300 points.
The S&P 500 sank 57.31 points, or 2.1%, to 2,728.37, running its losing streak to six straight sessions. The broad index also broke below its 200-day moving average for the first time since May.
The NASDAQ slumped 92.99 points, or 1.3%, to 7,329.06, and briefly entered correction territory.
The major indexes fell after some of the major tech names failed to recover from steep losses in the previous session. Netflix fell more than 1% after briefly trading higher. Apple also declined 0.9% erasing earlier gains. Amazon dropped 2% after falling 6.2% on Wednesday.
The recent downturn in equities comes as investors brace for the upcoming earnings season. J.P. Morgan Chase and Citigroup are among the companies scheduled to report Friday before the bell.
Expectations are high for this earnings season. Analysts expect S&P 500 earnings to have grown by 19% in the third quarter.
Prices for the benchmark for the 10-year U.S. Treasury gained sharply, lowering yields to 3.15% from Wednesday’s 3.20%. Treasury prices and yields move in opposite directions.
Oil prices surrendered $2.37 at $70.80 U.S. a barrel.
Gold prices strengthened $32.30 to $1,225.70 U.S. an ounce.
