Stocks veered into deep early losses Tuesday, as leading tech stocks plummeted and the Dow Jones industrial average cut deep below the 25,000 mark.
The Dow Jones industrial average undercut its 50-day line of support on Monday, ending the session flush at the 25,000 mark. A slip below that mark would leave the index ready for another, lower test, at the level of its Oct. 29 low. The Nasdaq ended the session 1.5% above its Oct. 29 low. The S&P 500 was in somewhat stronger position, holding 1.8% off its October low. The S&P 500 is 4% below its 50-day moving average. The Nasdaq was 8% below that line of support, and 13.5% off its August peak.
Apple stock opened down 3.5%. As of Tuesday, Apple constituted a bit more than 5% of the weight of the Dow Jones industrial average, placing it at sixth on the list. It ranks first among weightings on the Nasdaq 100 list, at slightly more than 11% of the index. Apple shares are now nearing a free-fall, working on their eighth straight down week, well below their 40-week moving average and down more than 20% from a Oct. 3 high. The last time Apple shares fell more than 20% was in April-May of 2016.
Among so-called FANG stocks, Netflix and Amazon.com led the retreat, down 3.4% and 2.7%, respectively.