Dow tumbles more than 400 points as tech woes rattle Wall Street
Traders work on the floor at the New York Stock Exchange on March 5. Stocks tumbled Tuesday with tech stocks leading the way
New York (CNN) — Stocks tumbled Tuesday with tech stocks leading the way, continuing to retreat from record highs set last week.
The Dow fell 405 points, or 1%, after declining more than 500 points at its session lows. The S&P 500 slipped 1% and the Nasdaq Composite slid 1.7%.
That comes after the Nasdaq Composite last week reached a new all-time high for the first time since 2021, while the S&P 500 also surged to a new record high.
Apple shares declined 2.8% Tuesday afternoon after Counterpoint Research said in a new report that iPhone sales in China fell 24% year-over-year during the first six weeks of 2024, as it faces steep competition from companies including OPPO, Vivo and Xiaomi.
Meanwhile, shares of Advanced Micro Devices slipped 0.1% following a report from Bloomberg News, citing anonymous sources, that the chipmaker is facing regulatory hurdles in selling its AI processor in China.
Other tech stocks fell. Meta Platforms shares declined 1.6%, Microsoft shares lost 3% and Micron Technologies shares lost 1.3%.
All of the S&P 500’s sectors fell on Tuesday, except for financials, energy and consumer staples.
Still, gold rose on Tuesday to settle at yet another record high of $2,141.90 a troy ounce.
This is a developing story and will be updated.
The-CNN-Wire
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