Investors around the world retreated from stocks Tuesday as a selloff in technology companies spread to other sectors of the market, leading to broad declines across major U.S. indexes.
The Dow Jones Industrial Average tumbled about 450 points, or 1.3%, in recent trading, on pace for its worst one-day drop since late February. The S&P 500 fell 1%. The Nasdaq Composite lost 0.4%. Investors have become increasingly concerned about signs of inflation lately, forcing many money managers to pare back their positions in technology stocks. Growth stocks have traded lower for most of the past week, with the Nasdaq Composite down nearly 5% for May.
Yet on Tuesday, the selloff extended to shares of more economically sensitive companies as well, with all 11 sectors of the S&P 500 trading lower. Companies including Occidental Petroleum , Gap and Royal Caribbean posted declines of 3% or more. Shares of large growth companies also tumbled, with Tesla falling 2.2% and Apple dropping 1.6%.
The declines sent the Cboe Volatility Index, or VIX, known as Wall Street’s fear gauge, trading higher. It traded as high as 23.73 intraday Tuesday, its highest intraday value since March 10.
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