The Dow Jones Industrial Average fell 256 points, or 0.74%, while the S&P 500 and the Nasdaq Composite declined 0.85% and 0.72%, respectively. The selling tipped both the S&P 500 and the Nasdaq Composite off of Wednesday's all-time highs.
|I:DJI||DOW JONES AVERAGES||29288.72||-395.02||-1.33%|
|I:COMP||NASDAQ COMPOSITE INDEX||10751.400882||-300.24||-2.72%|
The sharp selloff in the stock market steered investors into the bond market, pushing the 10-year yield down by 3.4 basis points to 1.287%, the lowest since Feb. 18.
In stocks, financials, which benefit from a steeper yield curve, were in the crosshairs.
Carnival Corp. and Delta Airlines suffered amid concerns a rebound in COVID-19 cases could stunt demand for travel.
|DAL||DELTA AIR LINES INC.||28.52||-0.96||-3.26%|
Dow component Boeing Co. was lower for a fourth straight session following reports that a unit of Russian airliner Aeroflot canceled an order for 20 Boeing 737 Max jets.
Other industrials, including Caterpillar Inc. and Freeport-McMoRan Inc., were also weaker.
|BA||THE BOEING CO.||127.70||-5.64||-4.23%|
Meanwhile, chipmakers Advanced Micro Devices Inc. and Nvidia Corp. struggled under growth concerns.
|AMD||ADVANCED MICRO DEVICES INC.||64.28||-4.08||-5.97%|
Chinese tech stocks listed in the U.S. tumbled in early trading amid concerns Beijing will toughen measures on the sector. Didi Global Inc. shares have plunged 27% since Chinese regulators on July 1 announced an investigation into national data security risks at the company.
|BABA||ALIBABA GROUP HOLDING LTD.||78.02||-2.97||-3.67%|
In commodities, West Texas Intermediate crude oil climbed 74 cents to $72.94 a barrel while gold slipped $1.90 to $1,799.60 an ounce.
Overseas markets were sharply lower.
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In Europe, France’s CAC 40 and Germany’s DAX 30 declined 2.01% and 1.73%, respectively, after the European Central Bank tweaked its inflation target to 2% "over the medium term." The central bank will allow for inflation to run above the level for a brief time.
Elsewhere in the region, Britain’s FTSE 100 lost 1.68%.
In Asia, Hong Kong’s Hang Seng index fell 2.89%, Japan’s Nikkei 225 slid 0.88% and China’s Shanghai Composite slipped 0.79%.