Dow Slumps 400+

Stocks fell for a second session Tuesday, as steep declines in major tech names such as Apple dragged the broader market further from record highs recently reached.

The Dow Jones Industrials plunged 404.64 points, or 1%, to close Tuesday at 38,585.19.

The S&P 500 dropped 52.3 points, or 1%, to 5,078.65.

The NASDAQ sank 267.92 points, or 1.7%, to 15,939.59, 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 Netflix and Microsoft shed more than 2%, while Tesla slipped more than 3%. The S&P 500’s information technology sector led the broad index down with a drop of more than 2%.

Outside mega-cap tech, GitLab tumbled more than 20% after the software company posted a weak forecast for the full year.

Beyond tech, Target jumped 12% after holiday-quarter earnings came in stronger than Wall Street forecasted. AeroVironment rallied almost 28% following a better-than-anticipated quarterly report and outlook from the defense company.

Prices for the 10-year Treasury bounced, lowering yields to 4.14% from Monday’s 4.22%. Treasury prices and yields move in opposite directions.

Oil prices lost 56 cents to $78.18 U.S. a barrel.

Gold prices surged $12.10 to $2,138.40.

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