Dow Drops 650 Points, S&P 500 Falls 1.5% As Big Tech Drags US Equities Down

All but one of the Magnificent 7 stocks were down at the time of writing, with Microsoft and Amazon slipping the most at over 3% each.

U.S. equities declined in Tuesday morning’s trade, with Big Tech hovering in the red amid concerns about valuations of AI-related stocks. The Dow Jones Industrial Average was down more than 650 points at the time of writing, while the S&P 500 index was down 1.5%.

All but one of the Magnificent 7 stocks were down at the time of writing, with Microsoft Corp. (MSFT) and Amazon.com Inc. (AMZN) slipping the most at over 3% each, while AI bellwether Nvidia Corp.’s (NVDA) shares were down more than 2%.

Apple Inc. (AAPL) was the lone Mag 7 stock trading in the green, edging up by 0.09% in Tuesday morning’s trade.

The S&P 500 index closed below its 50-day moving average (DMA) on Monday for the first time since April 30. At the time of writing, the S&P 500 index was trading at 6,572, below its 50-dma of 6,717.

The CNN Fear and Greed Index was hovering in the ‘Extreme Fear’ zone.

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