Dow drops 450 points as tech stocks get crushed
Fasten your seatbelts. Wall Street is on another wild ride.
The Dow dropped about 450 points, or 1.5%, on Tuesday afternoon, completely reversing a 244-point gain from early in the day. The selloff followed Monday’s 690-point spike.
The Nasdaq plunged 3% — wiping out all of Monday’s huge gains for the tech sector.
Facebook, Twitter, Tesla and Nvidia all fell sharply. Netflix was on track for its worst day in two years.
“We started bleeding when large tech got hit hard,” said Art Hogan, chief market strategist at B. Riley B.
Investors poured money into bonds Tuesday. The 10-year Treasury yield slipped to 2.77%, narrowing the closely-watched gap between short and long-term rates.
“That has persistently been a signal of an economic slowdown,” said Hogan. “I don’t think that’s the case here.”
Matt Egan, CNN Money