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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 retreated 45.87 points to 51,666.84.
The much broader index shed 107.33 points, or 1.4%, to 7,365.46.
The NASDAQ plunged 579.56 points, or 2.2%, to 25,587.04.
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 5% following an upgrade to overweight at JPMorgan, while Sherwin-Williams and Merck saw gains as well.
Sandisk fell 12% while components maker Seagate Technology shed more than 6%. Intel pulled back 4%, while Advanced Micro Devices dipped 5% and Qualcomm lost 8%.
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 4.49% from Monday’s 4.51%. Treasury prices and yields move in opposite directions.
Oil prices sank 50 cents to $73.36 U.S. a barrel.
Gold prices dropped $66.40 to $4,156. U.S. an ounce.
