Dow falls 525 points, S&P 500 dips near correction territory as tech stocks fall

A sign for Wall Street hangs outside at the New York Stock Exchange on April 20. Stocks were down Friday morning ahead of President Donald Trump's news conference on China. Photo by John Angelillo/UPI

Sept. 23 (UPI) — The Dow Jones Industrial Average fell 525.05 points as tech stocks dragged the major U.S. markets down on Wednesday.

The blue-chip index ended the day down 1.92% after having been up as much as 176 points earlier in the day. The S&P 500 also fell 2.34% pushing it closer to correction territory, which is defined as 10% below a record high, while the tech-heavy Nasdaq slid deeper into correction territory as it fell 3%.

Apple stock led a decline in big tech falling 4.19%, Amazon dropped 4.13%, Microsoft slid 3.29% and Facebook ended the day down 2.25%.

The S&P 500 has fallen 7.4% in September, while the Dow has dropped 5.9% and the Nasdaq has declined 9.7% in the month as shares of Facebook, Amazon, Apple, Netflix, Alphabet and Microsoft have all dropped 10%.

“This rotation out of tech and into cyclical stocks has picked up legs in September,” Art Hogan, chief marketing strategist at National Securities told CNBC. “September is a historically tough month and this one has been a quagmire of headwinds. Today is reflective of that.”

Tesla stock also fell 10.34%, while Nike bucked the trend by rising 8.76%.

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