By Ed Ballard and Jack Pitcher
Stocks resumed their slide amid a tech selloff and renewed turmoil in the Middle East.
The drop comes after a two-day rally helped by the absence of trade drama. Worries about the economic impact of President Trump's tariffs previously pushed the S&P 500 into correction territory. A new survey of fund managers showed a record rotation away from U.S. stocks, and growing concern about global growth.
Meanwhile, Trump's push for a rapid end to the war in Ukraine will continue when he speaks to Russia Vladimir Putin. Trump's stance on the conflict has spurred a rearmament drive in Europe, where stocks rose Tuesday as Germany's parliament approved a massive defense-spending package.
Nvidia shares dropped ahead of the chip maker's flagship AI conference. Chief Executive Jensen Huang is expected to showcase Nvidia's latest Blackwell chips in his keynote speech at 1 p.m. ET.
In recent trading:
Major indexes fell. The tech-heavy Nasdaq Composite led losses, falling by more than 1.5%. The S&P 500 was more than 1% lower.
Tesla and Nvidia fell sharply, dragging the Nasdaq lower. Tesla shares were recently down 5%.
Benchmark Treasury yields rose after stronger-than-expected data on housing starts. They had settled Monday at 4.307%.
Gold prices hit another record intraday high, rising further above $3,000 a troy ounce.
Bitcoin prices stood at around $81,000.
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(END) Dow Jones Newswires
March 18, 2025 12:09 ET (16:09 GMT)
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