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U.S. stocks fell Tuesday, on track for another losing session as the technology sector struggled.
The Dow Jones Industrials plunged 329.45 points by noon hour Tuesday to 38,660.38.
The S&P 500 dropped 52.6 points to 5,078.55.
The NASDAQ sank 291.54 points, or 1.8%, to 15,915.97, 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 Tesla, Netflix and Microsoft shed more than 2%. The S&P 500's information technology sector led the broad index down with a drop of more than 2%.
AMD fell more than 1% after Bloomberg News reported the chipmaker hit a regulatory snag that will prevent it from selling an artificial intelligence chip to China. GitLab tumbled more than 19% after the software company posted a weak forecast for the full year.
Beyond technology, Target jumped more than 11% after holiday-quarter earnings came in stronger than Wall Street forecast. AeroVironment rallied more than 29% following a better-than-anticipated quarterly report and outlook from the defense company.
Prices for the 10-year Treasury bounced, lowering yields to 4.15% from Monday’s 4.22%. Treasury prices and yields move in opposite directions.
Oil prices reversed course and gained 27 cents to $79.01 U.S. a barrel.
Gold prices surged $10.20 to $2,136.50.
