US Stocks Sink as Tech Sell-Off Deepens
Wall Street’s sell-off resumed on Tuesday after two days of gains, dragging major indices lower.
The S&P 500 slid 1.1%, edging closer to correction territory, while the Dow dropped 260 points and the Nasdaq 100 tumbled 1.6% under pressure from tech weakness.
Tesla plunged 5.3% after RBC Capital Markets slashed its price target, citing intensifying EV competition. Alphabet shares fell 2.4% following news that Google will acquire cloud security firm Wiz for $32 billion.
Other tech giants, including Nvidia and Palantir, also posted losses of 3.2% and 4%, respectively. Investors are on edge ahead of the Federal Reserve’s policy decision on Wednesday, with markets broadly anticipating rates to remain unchanged.
Meanwhile, a stronger-than-expected rise in housing starts contrasted with inflation concerns stemming from import price pressures, adding to market uncertainty.
Source: Trading Economics