Dow Jones Industrial Average drops 632 points
The Dow slid 632.42 points, or 2.3%, to close at 27,500.89. The S&P 500 dropped 2.8% to 3,331.84. The Nasdaq Composite closed 4.1% lower to 10,847.69. Tech stocks got battered once again and dragged down the broader market. The Nasdaq is down 10% in three days.
Tech sell-off continues
Shares of Facebook and Amazon dropped more than 4% each. Apple and Microsoft lost 6% and 5%, respectively. Tesla plunged 21% for its worst single day ever. “High valuations in the mega-cap stocks are stretched far beyond historical levels,” said one strategist.
What happens next?
Weekly mortgage applications data and job opening numbers are set for release Wednesday.
SOURCE : https://www.cnbc.com/2020/09/08/what-happened-to-the-stock-market-on-tuesday-tech-sell-off-resumes-drags-down-stocks.html