S&P 500 Index falls more than 1% dragged by technology stocks


  • Wall Street's main indexes opened sharply lower on Tuesday.
  • Technology shares suffer heavy losses after the opening bell.

Major equity indexes started the day deep in the negative territory on Tuesday amid a negative shift in risk sentiment. Reflecting the dismal market mood, the CBOE Volatility Index (VIX), Wall Street's fear gauge, is up 11.2% on the day at 20.37.

As of writing, the S&P 500 was down 1% on the day at 4,152, the Dow Jones Industrial Average was losing 0.6% at 33,913 and the Nasdaq Composite was falling 1.8% at 13,547.

Among the 11 major sectors, the risk-sensitive Technology Index and the Communication Services Index lose 2% and 1.35%, respectively. The Real Estate Index is the only major sector trading in the positive territory after the opening bell. 

The data published from the US showed on Tuesday that Factory Orders in March rose by 1.%, missing the market expectation of 1.3%. Additionally, the IBD/TIPP Economic Optimism Index edged lower to 54.4 in May from 56.4 in April. 

S&P 500 chart (daily)

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