The tech-heavy Nasdaq sheds nearly 4 percent, while the broader S&P 500 index slides 2.8 percent.
The Dow Jones industrial average lost 809.28 points, or 2.4 percent, to close at 33,240.18, while the broader S&P 500 index slumped 120.92 points, or 2.8 percent, to land at 4,175.20. But it was the Nasdaq, which is heavy on tech stocks, that took the biggest dive, plunging nearly 4 percent, or 514.11 points, to end the day at 12,490.74.
Investors also zeroed in corporate earnings. Shares of Microsoft and Google parent Alphabet slumped 3.7 and 3 percent, respectively, ahead of their financial results, which were released after the market close. Microsoft edged lower in after-hours trading despite releasing better-than-expected quarterly results. But Alphabet skidded more than 6 percent after hours after missing profit and revenue targets.
Word of Tesla CEO Elon Musk’s $44 billion acquisition of Twitter had given the markets a sentiment-driven boost Monday, said George Ball of the Houston-based investment firm Sanders Morris Harris. Shares closed up 5.6 percent after the deal was confirmed.But that was merely “a short-term distraction from the broader worries facing markets, like inflation, geopolitical concerns and a more hawkish Federal Reserve,” Ball said in an email.
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