US markets tumbled Tuesday as a sell-off spurred by fears of an economic slowdown continued. The Dow shed more than 800 points.
The Dow fell 810 points, or 2.4%, as an April sell-off spurred by fears of an economic slowdown continued following Monday's short-lived recovery. The losses were led by mega cap tech stocks as investors await key corporate earnings reports this week. First quarter results from Google's parent company Alphabet missed estimates on Tuesday afternoon, bringing in $24.62 per share, versus the $25.91 expected, according to Refinitiv. The stock fell more than 5% in extended trading.
Dow falls nearly 1,000 points on rate hike fears and poor earnings from VerizonFast-growing tech stocks are closely linked to the decisions of the Federal Reserve. These rate-sensitive companies have high price-to-earnings ratios because they're typically valued on future profits and pay no dividends. Higher rates mean that future earnings will be worth less than they are today. Cyclical stocks also dropped Tuesday.
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