Stocks tumbled Tuesday with tech stocks leading the way, continuing to retreat from record highs set last week.
The Dow fell 502 points, or 1.3%. The S&P 500 slipped 1.4% and the Nasdaq Composite slid 2.1%.
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 2.9% 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 1.3% 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. Nvidia shares fell 0.3%, Meta Platforms shares declined 2%, Microsoft shares lost 3.2% and Micron Technologies shares lost 1.9%.
All of the S&P 500’s sectors fell on Tuesday, except for 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.
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