Dow drops 345 points as tech stocks get crushed

The wild ride on Wall Street just got crazier.The Dow dropped 345 points, or 1.4%, on Tuesday, completely reve...

Posted: Mar 28, 2018 7:17 AM
Updated: Mar 28, 2018 7:17 AM

The wild ride on Wall Street just got crazier.

The Dow dropped 345 points, or 1.4%, on Tuesday, completely reversing a 244-point gain from early in the day. The sell-off followed Monday's 670-point spike.

The Nasdaq plunged nearly 3% -- wiping out nearly all of Monday's huge gains for the tech sector. The Nasdaq is now up just 1.5% on the year.

Facebook, Twitter, Tesla and Nvidia all fell sharply. Netflix tumbled 6%, its biggest decline in two years.

"We started bleeding when large tech got hit hard," said Art Hogan, chief market strategist at B. Riley B.

The tech rout began with Nvidia, which plunged 8% on concerns about the company pausing its self-driving car tests on public roads. A source told CNNMoney that the decision was not because the company believes its technology is unsafe.

Facebook lost another 5% and closed at the lowest point since July 2017. Wall Street wasn't comforted by news that CEO Mark Zuckerberg has decided to testify before Congress about his company's user data crisis.

Related: The US needs to borrow almost $300 billion this week

As tech stocks plunged, investors poured money into the safety of government bonds Tuesday. The 10-year Treasury yield slipped to 2.77%, the lowest since early February.

But the sinking yields also narrowed the closely-watched gap between short and long-term rates, known as the yield curve.

"That has persistently been a signal of an economic slowdown," said Hogan. "I don't think that's the case here."

A "flattening" yield curve also makes it harder for banks to make money on the difference between what they lend out and pay interest on. Bank of America, Wells Fargo and PNC fell more than 2% apiece.

CNNMoney's Fear & Greed Index, a gauge of market sentiment, dropped further into "extreme fear" territory.

Wall Street has been bouncing between fears for the past two months. It began with concerns that strong wage gains could signal a burst of inflation. As inflation worries died down, investors refocused on the risk that President Trump's tariffs could spark a trade war. Now that trade worries have receded a bit, tech stocks have risen to the top of Wall Street's worry list, at least for now.

No matter the cause, it's clear that the market boom of 2017 has vanished, paving the way for a much more treacherous investing landscape this year.

--CNNMoney's Sara O'Brien contributed to this report.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 259117

Reported Deaths: 5668
CountyCasesDeaths
DeSoto17436187
Hinds16524328
Harrison13876199
Rankin11000217
Jackson10652187
Lee8981141
Madison8413168
Jones6552112
Forrest6101121
Lauderdale6034189
Lowndes5463119
Lafayette507393
Lamar496465
Washington4877124
Bolivar4068109
Oktibbeha401681
Panola378380
Pontotoc372155
Monroe3628105
Warren3619101
Union350563
Marshall349569
Neshoba3433152
Pearl River3380104
Leflore3079108
Lincoln300687
Sunflower289272
Hancock285360
Tate276762
Alcorn268854
Pike266580
Itawamba266261
Scott253448
Yazoo250156
Prentiss249552
Tippah245850
Copiah244549
Coahoma243654
Simpson240069
Leake234367
Grenada221171
Marion218473
Covington216972
Adams210170
Wayne206432
Winston205267
George202739
Attala195761
Newton195745
Tishomingo192461
Chickasaw186144
Jasper176038
Holmes169868
Clay162735
Tallahatchie154935
Stone148424
Clarke143562
Calhoun138021
Smith125825
Yalobusha120234
Walthall113437
Greene112129
Noxubee111425
Montgomery110936
Carroll105922
Lawrence104317
Perry103231
Amite99926
Webster94324
Tunica87621
Jefferson Davis87327
Claiborne86825
Benton84023
Humphreys83624
Kemper79120
Quitman7029
Franklin68716
Choctaw62313
Wilkinson58825
Jefferson55920
Sharkey44217
Issaquena1606
Unassigned00

Alabama Coronavirus Cases

Cases: 432536

Reported Deaths: 6379
CountyCasesDeaths
Jefferson63523957
Mobile30967562
Madison27627201
Tuscaloosa21122268
Montgomery19495326
Shelby18941126
Baldwin16798188
Lee12901102
Morgan12447129
Etowah11911178
Calhoun11365205
Marshall10322119
Houston8813156
Limestone823176
Cullman8159106
Elmore8056104
DeKalb7796102
Lauderdale773399
St. Clair7705122
Talladega6347109
Walker5993174
Jackson590341
Colbert543274
Blount541186
Autauga527061
Coffee454160
Dale405482
Franklin371948
Russell345712
Chilton340972
Covington334168
Escambia328344
Dallas310196
Chambers297370
Clarke290536
Tallapoosa2665107
Pike258830
Marion250155
Lawrence249150
Winston231442
Bibb219848
Geneva206946
Marengo205229
Pickens198631
Hale180842
Barbour177836
Fayette174528
Butler171358
Cherokee162530
Henry157523
Monroe150718
Randolph143236
Washington139527
Clay128546
Crenshaw121644
Cleburne119724
Lamar119621
Macon119637
Lowndes112536
Wilcox105822
Bullock101428
Perry99118
Conecuh96320
Sumter89726
Greene76723
Coosa62215
Choctaw51624
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