Tuesday’s stock market collapse was caused by struggling technology companies and fresh economic data that stoked concerns about the state of the economy.
The Dow Jones Industrial Average finished at 40,936.93, down 626.15 points, or 1.51%. The S&P 500 ended at 5,528.93, down 2.12%. The index saw its worst day since the worldwide sell-off on August 5, with the Nasdaq Composite falling 3.26% to close at 17,136.30.
Nvidia, the artificial intelligence darling that has been capturing investor attention for over a year, plummeted more than 9%, which put downward pressure on stocks.
During the session, a number of semiconductor stocks saw drops, including Micron, KLA, and Advanced Micro Devices. Over 7% fell out of the VanEck Semiconductor ETF (SMH). Since September 2022, this day has been the worst.
Source (CNBC)
