Tech stocks led the market decline on Tuesday, as stocks overall experienced a tumble, extending losses from the previous week's record highs.
The Dow dropped by 405 points, marking a 1% decrease, after hitting session lows of over 500 points. The S&P 500 and the Nasdaq Composite both saw declines of 1% and 1.7%, respectively.
This follows the Nasdaq Composite hitting a new all-time high last week for the first time since 2021, while the S&P 500 also reached a fresh record peak.
Apple shares fell by 2.8% on Tuesday afternoon following a report from Counterpoint Research revealing a 24% year-over-year decline in iPhone sales in China during the initial six weeks of 2024. The company faces stiff competition from rivals such as OPPO, Vivo, and Xiaomi.
Other tech giants also experienced declines, with Meta Platforms dropping by 1.6%, Microsoft by 3%, and Micron Technologies by 1.3%.
On Tuesday, all sectors of the S&P 500, except for financials, energy, and consumer staples, experienced declines.