U.S. Stocks Sink to 4-Week Low, Tech Rout Spreads: Markets Wrap
- Tesla plunges most on record; Apple falls for a third day
- Crude oil falls below $40 a barrel on weak demand outlook
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U.S. stocks sank for a third day, with selloff in technology shares picking up steam as investors fled the high flyers who fueled a historic five-month rally. Oil plunged, while Treasuries rose with the dollar.
Volatility roiled financial markets, sending the Nasdaq 100 down 4.8% and leaving it 11% off its record set last Wednesday. Tesla suffered the worst rout in its history and is now down 34% in September. Apple’s 6.9% plunge wiped out almost $140 billion in market value Tuesday, while its three-day slide swelled to 14%, the most since October 2008.