Nasdaq tumbles 2% as tech shares slump

Tuesday, 27. July 2021 18:12

Stocks on the major United States benchmarks extended losses on Tuesday with the Nasdaq 100 dropping more than 2% for a short period.

The plunge seemingly came amid a slump in the shares of the US technology giants, including Apple, Tesla, and Microsoft. Elon Musk's electric vehicle behemoth reported better-than-expected earnings the day before, which in part helped the major indices reach new record highs. Apple and Microsoft are both set to unveil their quarterly reports after the close.

The Dow Jones Industrial Average dived 209 points, or 0.59% at 12:09 pm ET, while the Nasdaq 100 tumbled 1.86% or 282 points a minute later. At the same time, the S&P 500 dropped 0.95%. The euro gained 0.23% versus the dollar, selling for 1.18295 at 12:12 pm ET.

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