Major US indices drop sharply in early trading, erasing recent gains as tech and small-cap stocks underperform.
US equities opened lower, with the NASDAQ and Russell 2000 leading losses. The Dow fell 415 points, or 0.83%, to 49,650 after briefly crossing 50,000 yesterday. The S&P 500 declined 1.2%, while the NASDAQ dropped 1.69%, and the Russell 2000 shed 2.0%.
The pullback follows a strong rally, with the Dow hitting a milestone above 50,000 for the first time since February 11. Tech and semiconductor stocks saw outsized losses, including Nvidia (-3.6%) and Arm (-7.26%). Newly listed Cerebra traded at $305, down 2.4% from its IPO price.
Declines were broad-based, with Intel, ASML, and Coinbase among the session’s biggest losers. Gold miners and solar stocks also retreated, reflecting risk-off sentiment in early trading.