Tech Rout Sinks Stocks as Lines of Defense Crumble: Markets Wrap
- Amazon hammered by Trump tweets; Apple plans hit Intel
- S&P 500 closes below 200-day average for first time since 2016
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The deepening rout in once high-flying technology shares sent U.S. stocks tumbling to start the second quarter, as fresh presidential criticism of Amazon.com and retaliatory tariffs from China rattled markets. Gold rose on haven demand.
The S&P 500 Index closed at the lowest level since early February and finished below its average price for the past 200 days for the first time since June 2016. The index is now lower by more than 10 percent from its January record. The Cboe Volatility Index jumped to 23.