The stock market tanked on Tuesday, adding to already significant losses so far this month amid ongoing concerns about an economic slowdown, while investors dumped shares of Big Tech stocks ahead of several big earnings reports.
Despite a brief respite a day earlier, stocks were for sale again.
The S&P 500 lost 2.8% and the tech-laden Nasdaq lost 4%.
The market's losses on Tuesday added to the already big sell-off in April: The S&P 500 is down 8%, the Dow is down 4%, and the Nasdaq is down nearly 15%.
Despite the major benchmarks posting gains on Monday, widespread selling appears to have resumed after the biggest single-day loss in several years last Friday.
Big Tech companies, which have been hard hit this year as investors worry about the Federal Reserve raising interest rates, led the market declines yet again on Tuesday, while the Nasdaq sits firmly in bear market territory.
After the market close, tech giants such as Microsoft and Alphabet will report their first-quarter earnings.
Concerns that billionaire CEO of Musk will sell some of his shares to finance his offer for the company caused the shares of the electric-vehicle maker to fall over 10%.
The stock market is declining as Wall Street abandons the tech trade ahead of massive tech earnings later this week and as global slowdown fears remain front and center.
Roughly 80% of the 134 companies in the S&P 500 that have reported first quarter earnings have beaten analyst expectations. There are growing signs of inflationary pressures on corporate profits in several industries, with experts warning that consumer spending could also take a hit.
Home buying is becoming more and more affordable for most Americans.
After the company accepted the buyout offer, the stock jumped over 5%.
The end-of-week selloff was Spurred by the Hawkish Fed.
The recession calls are growing as inflation threatens corporate earnings.
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