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.
