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The Dow Jones Industrial Average and S&P 500 fell sharply on Tuesday and turned negative for the year as a decline in Target shares pressured retailers, while some of the most popular tech shares dropped again.
The 30-stock index erased 551.8 points, or 2.2%, to 24,465.64
The S&P 500 lost 48.84 points, or 1.8%, to 2,641.89
The NASDAQ dumped 119.65 points, or 1.7%, to 6,908.82, but managed to hang on to a slight gain for 2018.
Target fell 10.5% after reporting weaker-than-expected earnings for the previous quarter. The company also posted lighter-than-forecast same-store sales, which is a key metric for retailers.
The decline sent retailers down. Kohl's slumped 9.2%, L Brands slouched 17.7%, and Macy's swooned 3.4%.
FAANG stocks traded in a wide range Tuesday. The group of stocks started the day trading down sharply, but they managed to recover most of their losses. Facebook and Alphabet notched slight gains after their initial decline, while Amazon and Netflix closed about 1% lower. Apple closed 4.8% lower.
Boeing shares fell 1% Tuesday after the company canceled a conference call with airlines to discuss the systems on the 737 MAX model. Last month, a 737 MAX crashed and killed all 189 people on board.
Prices for the benchmark for the 10-year U.S. Treasury were lower, raising yields back to Monday’s 3.06%. Treasury prices and yields move in opposite directions
Oil prices slid $3.94 to $53.26 U.S. a barrel.
Gold prices handed back $2.70 at $1,222.60 U.S. an ounce.
