US Stock Market: DJIA, S&P500, Nasdaq and Russell fell over 1.5% on Wednesday

Wall Street lost ground on Wednesday as world leaders awaited Russian President Vladimir Putin’s order to send troops farther into Ukraine.

The S&P 500 sank 1.8% to an 8-month low, increasing the benchmark index’s “correction,” or a 10% fall from its previous top. More than 85% of S&P 500 equities declined, with technology companies weighing the most on the index.

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The fresh losses exacerbated Tuesday’s collapse and the S&P 500’s descent into a correction. The index saw its most recent correction in the spring of 2020 when the pandemic shook the global economy. That correction deteriorated into a bear market – a drop of 20% or more — when the S&P 500 fell over 34% in roughly a month.

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The S&P 500 fell 79.26 points to 4,225.50. It’s now 11.9% below the record high it set on Jan. 3. Shares in some of the biggest companies in the index have been hammered by the market’s swoon since the start of the year. Facebook parent Meta is down 41.4%, Tesla is off 36.3% and Microsoft is down 16.3%, while Apple and Google’s parent Alphabet are both down 12.9%.

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Technology stocks led to Wednesday’s broad losses. Microsoft and Apple fell 2.6%. The sector has an outsized influence on the S&P 500 because of Big Tech companies’ high valuations.

The Dow dropped 464.85 points to 33,131.76, while the Nasdaq slid 344.03 points to 13,037.49. The index is now 18.8% below its November 2021 high.

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Small-company stocks also lost ground. The Russell 2000 index fell 36.08 points, or 1.8%, to 1,944.09. Retailers and other companies that rely on direct consumer spending also weighed on the market. Amazon fell 3.6% and Starbucks shed 3.7%.

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U.S. crude oil prices remained volatile, slipping 0.3%, though energy stocks gained ground. Chevron rose 2.4%. Bond yields edged higher. The yield on the 10-year Treasury rose to 1.98% from 1.95% late Tuesday.

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Lowe’s rose 0.2% after raising its profit forecast for the year following a strong fourth-quarter financial report. Security software maker Palo Alto Networks rose 0.4% after raising its profit forecast on strong demand for cybersecurity. TJX, the parent of T.J. Maxx and Marshalls, fell 4.2% after reporting disappointing fourth-quarter financial results.