The New York stock market saw a triple whammy as all three major indexes tumbled, with the tech-heavy Nasdaq and the S&P 500 following suit. Meanwhile, the Dow Jones Industrial Average continued its downward spiral for the fourth consecutive day, inching closer to correction territory with a 9.3% drop from its peak.
The day saw a broad sell-off in Big Tech, with Tesla plunging 3% and Nvidia reversing earlier gains to close in the red.
Adding fuel to the fire, President Donald Trump’s announcement to forge ahead with “reciprocal tariffs” next month further dampened investor sentiment.
Markets Plunge into Correction
The Nasdaq plummeted 345.44 points (1.96%) to close at 17,303.01. Since hitting its all-time high of 21,173.89 on December 16 last year, the Nasdaq has tumbled 14.2%, leading the pack into correction territory.
The S&P 500 joined the correction club, shedding 77.78 points (1.39%) to finish at 5,521.52—down 10.1% from its record high of 6,144.15 set on February 19.
The Dow Jones remains the lone holdout, narrowly avoiding correction territory. It closed down 537.36 points (1.30%) at 40,813.57, marking its fourth straight day of losses. However, the blue-chip index is teetering on the edge, down 9.33% from its all-time high of 45,014.04 set on December 4 last year.
A correction is defined as a 10% drop from recent highs, while a bear market is characterized by a 20% or greater decline.
Apple Extends Losing Streak to Four Days
Big Tech stocks took a beating, with Tesla shares plunging $7.41 (2.99%) to $240.68. Nvidia initially gained 1.7% during the session but reversed course and closed at $0.16 (0.14%) to $115.58.
Market heavyweight Apple extended its losing streak to four days, tumbling $7.30 (3.36%) to $209.68. The stock has shed over 12% this week alone and is down more than 15% year-to-date. Investors’ disappointment stems from Apple’s AI, dubbed Apple Intelligence, failing to spark the anticipated “supercycle” of mass iPhone upgrades.
Despite Tesla’s 8.4% weekly decline—second only to Apple among Big Tech—retail investors continue to show faith in the electric vehicle maker. JP Morgan analysts reported that since March 4, retail investors have scooped up $4.1 billion of Tesla shares. This buying spree occurred despite Tesla’s stock price nosediving nearly 13% during the period as bargain hunters bet on a potential rebound.
Intel Stages Dramatic Comeback
In contrast to the broader market downturn, Intel skyrocketed $3.02 (14.60%) to $23.70 following news of a new CEO appointment.
The incoming CEO, Pat Gelsinger, is a semiconductor industry veteran who previously led Cadence Design Systems, a major software supplier to chip manufacturers.
Gelsinger is familiar with Intel, having previously served on its board. He resigned last August following strategic disagreements with the company. His appointment has fueled optimism, especially amid reports that Taiwan’s TSMC could form a consortium with U.S. AI chip giants like Nvidia, AMD, and Broadcom to acquire Intel’s foundry business.
Since Monday, Intel has surged 14.83%, bringing its year-to-date gains to 3.14%.
