The Dow skidded 2% to finish at 24,463.47, while the S&P swooned a shade less than 2% to settle at 2,641.88. The Nasdaq fell another 1.7% to 6,908.82, its lowest level in seven months, dragged down by the same tech stocks that paced market gains earlier this year.
Apple finished in red numbers for the seventh straight session, shedding 5% to close at $176.98, while Amazon and Netflix each surrendered 1%. Facebook and Google, each of which has been through the wringer of late, managed to gain a fraction, joining a small number of tech and media issues to avoid red figures.
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Among traditional media companies, Charter (-6%), Dish Network (-4%), Comcast (-4%) and Sinclair Broadcast Group (-4%), CBS (-3%) and Disney (-3%) were among the hardest hit.
Multiple factors have been weighing on stocks this fall, among them rising interest rates and anxiety about trade relations with China. There is also a pervasive sense among investors that the bull market has gotten overextended and 2019 could bring more economic uncertainty. In recent days, major retailers Target and Kohl’s also issued disappointing earnings and forecasts.
President Donald Trump, speaking to reporters outside the White House, reiterated his call for the Federal Reserve to lower interest rates.
“I think the rate’s too high. I think we have much more of a Fed problem than we have a problem with anyone else,” Trump said. “I think your tech stocks have some problems.”
The Fed has raised rates three times this year, and is expected to push through another increase by year-end. That makes money more expensive to borrow, which can be a complicating factor for many business sectors.
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