U.S. stocks closed at the lows of the session on Tuesday as technology stocks paced the broad declines with the Nasdaq Composite off 3.9%. Inflation fears, slowing economic growth and a Federal Reserve prepared to raise interest rates creating the perfect storm for investors.
|I:DJI||DOW JONES AVERAGES||30824.95||-142.87||-0.46%|
|I:COMP||NASDAQ COMPOSITE INDEX||11293.615334||-28.62||-0.25%|
The Dow Jones Industrial Average lost 809 points or 2.4%, while the S&P fell 2.8%.
The selling comes ahead of Microsoft and Google earnings due after the bell.
Later in the week, investors will hear from Amazon and Apple.
In other earnings news, Pepsi joined Coca-Cola in reporting better than expected results. The soda and snack maker also lifted its revenue outlook for the year.
|KO||THE COCA-COLA CO.||63.28||-1.10||-1.71%|
General Electric shares fell after revenue fell short of the company's expectations tied to supply-chain issues and Russia-Ukraine headwinds.
|GE||GENERAL ELECTRIC CO.||62.03||-1.51||-2.38%|
Twitter remains in focus as investors handicap what the new, privately held company will look like under the direction of Elon Musk.
|USO||UNITED STATES OIL FUND L.P.||74.78||-6.89||-8.44%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||30.82||-2.52||-7.56%|
In commodities, oil rebounded, with U.S. crude rising to the $101.70 per barrel level, while Brent, the global benchmark, hit $104.99
In cryptocurrencies, Bitcoin fell below the $40,000 level.
The Associated Press contributed to this report.