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Dow tumbles more than 400 points as tech woes rattle Wall Street

·1 min

Stocks saw a significant decline on Tuesday, led by tech stocks, as they continued to retreat from last week’s record highs. The Dow dropped 405 points, or 1%, after hitting lows of over 500 points during the session. The S&P 500 and the Nasdaq Composite also slipped, with the Nasdaq Composite falling 1.7%. Last week, the Nasdaq Composite reached a new all-time high for the first time since 2021, while the S&P 500 also surged to a new record high. Apple shares fell 2.8% following a report stating a decline in iPhone sales in China, facing tough competition from other companies. Advanced Micro Devices saw a slight decline after facing regulatory obstacles in selling its AI processor in China. Other tech stocks, including Meta Platforms, Microsoft, and Micron Technologies, also experienced losses. The majority of the S&P 500 sectors fell on Tuesday, with the exception of financials, energy, and consumer staples. In contrast, the price of gold continued to rise, reaching another record high.