Investors, back from the long holiday weekend, kicked into sell mode, driving equity markets lower across the board.
The bruising sell-off in technology shares continued for a third straight session, giving the Nasdaq, down 4.11%, its worst start to September on record. The index has lost 10% so far this month.
Mega-cap tech stocks Alphabet Inc., Apple Inc., Amazon Inc. and Microsoft Corp. all contributed to the drop.
The Dow Jones Industrial Average, meanwhile, slid 632 points, or 2.25% led by Microsoft and Chevron.
|I:DJI||DOW JONES AVERAGES||34200.67||+164.68||+0.48%|
Meanhile, the S&P 500 fell 2.78% as oil registered its worst session since June. West Texas Intermediate crude plunged $3.01 to $36.76 per barrel, and is now down 13% for the month.
|XLE||ENERGY SELECT SECTOR SPDR ETF||48.33||-0.42||-0.86%|
|XSW||SPDR SERIES TRUST S&P COMPUTER SOFTWARE ETF||165.79||-1.06||-0.64%|
Tuesday’s selling comes after both the S&P 500 and the Nasdaq last week snapped their weekly winning streaks at five.
Elsewhere, Tesla Inc. shares were sharply lower after the electric-car maker was bypassed for inclusion in the S&P 500 in favor of online craft marketplace Etsy Inc., semiconductor equipment maker Teradyne Inc. and pharmaceutical technology company Catalent Inc.
Tax-preparation company H&R Block Inc., cosmetics manufacturer Coty Inc. and department store Kohl’s Corp. were removed from the index.
Looking at deals, Nikola Corp. and General Motors Co. are teaming up to build the Nikola Badger electric truck. GM will receive an 11% stake, worth $2 billion, for its work in helping build the battery-electric and fuel cell-electric models of the vehicle.
Meanwhile, Warren Buffett’s Berkshire Hathaway Inc. reduced its stake in Wells Fargo & Co. to 3.3%, or 136 million shares, its lowest since 2003, according to a regulatory filing out late Friday.
|GM||GENERAL MOTORS CO.||58.67||+0.06||+0.10%|
|BRK.B||BERKSHIRE HATHAWAY, INC.||272.13||+3.06||+1.14%|
|WFC||WELLS FARGO & CO.||43.84||+1.61||+3.81%|
Peloton Interactive Inc. will roll out a lower-priced treadmill and a premium bike as soon as this week, Bloomberg reported, citing people familiar with the matter. The company will also cut the price of its current bike model.
|KDP||KEURIG DR PEPPER, INC.||36.01||+0.18||+0.50%|
Keurig Dr Pepper will transfer its stock listing from the New York Stock Exchange to the Nasdaq Exchange later this month. Shares will continue to trade under the ticker KDP.
Looking at other commodities, gold slid $9.10 to $1,933 per ounce.
U.S. Treasurys rallied, pushing the yield on the 10-year note down to 0.682%.
European markets ended mixed with France’s CAC down 1.59%, Germany’s DAX weaker by 1.01% and Britain’s FTSE edging up 0.12%.
In Asia, Japan’s Nikkei paced the advance, up 0.8%, while China’s Shanghai Composite and Hong Kong’s Hang Seng added 0.73% and 0.14%, respectively.