U.S. stocks ticked lower Tuesday, putting Wall Street on track to build on the previous session's decline as the market eases from record levels.
The Dow Jones Industrials plunged 151.16 points to begin Tuesday at 38,838.67.
The S&P 500 dropped 34.09 points to 5,096.86.
The NASDAQ sank 222.74 points, or 1.4%, to 15,984.77.
AMD fell more than 2% lower after Bloomberg News reported the chipmaker hit a regulatory snag that will prevent it from selling an artificial intelligence chip to China. GitLab tumbled more than 13% after the software company posted a weak forecast for the full year.
Apple shed more than 2% on the back of a report from Counterpoint Research that found iPhone sales plunged in China in the first six weeks of 2024. Several other mega-cap technology stocks including Tesla, Netflix and Microsoft shed more than 1%. The S&P 500's information technology sector led the index down in Tuesday's session with a drop of more than 1%.
Beyond technology, Target jumped more than 11% after holiday-quarter earnings came in stronger than Wall Street forecast. AeroVironment rallied more than 16% following a better-than-anticipated quarterly report and outlook from the defense company.
Prices for the 10-year Treasury bounced, lowering yields to 4.13% from Monday's 4.22%. Treasury prices and yields move in opposite directions.
Oil prices dipped 18 cents to $78.56 U.S. a barrel.
Gold prices surged $15.00 to $2,141.30.