A steep drop in technology companies sent US stocks sharply lower, knocking 500 points off the Dow Jones Industrial Average.
United States stocks traded sharply lower on Monday, as a steep fall in Apple shares dragged technology shares and rippled through the broader market. Banks, consumer-focused companies, and media and communications stocks all took heavy losses. At their session highs, the Dow and S&P 500 were up more than 100 points and 1 percent, respectively.
Elsewhere, oil prices fell more than 2 percent Tuesday, with Brent crude slipping below the $70-per-barrel mark and U.S. West Texas Intermediate crude dropping below the $60 threshold. The Nasdaq composite slid 172 points, or 2.3 percent, to 7,234.
The Russell 2000 index of smaller companies gave up 3.99 points, or 0.3 percent, to 1,514.80.
About 90 percent of S&P 500 companies have reported third-quarter results so far, with some 51 percent of those posting earnings and revenue that topped Wall Street's forecasts, according to S&P Global Market Intelligence. Seoul's Kospi gave up 0.4 percent to 2,071.23 and India's Sensex added 0.4 percent to 34,953.81.
TECH TUMBLE: Apple tumbled 4.2 percent to $195.97 after Wells Fargo analysts said the iPhone maker is the unnamed customer that optical communications company Lumentum Holdings said was significantly reducing orders.
Palestinians killed in Israeli raid in Gaza
An Israeli military spokesman denied claims widely circulated on social media that a soldier was kidnapped in the operation. Sirens later sounded in communities across southern Israel and rockets were fired from Gaza, without causing harm.
Earlier, a rebound in oil prices had offered some relief to energy stocks, but they succumbed to the broader selling pressure, with the S&P energy index down 1.3 percent. Traders drew encouragement from a report out of China saying that country's top economic adviser might visit Washington ahead of a planned meeting between Chinese President Xi Jinping and U.S. President Donald Trump at this month's Group of 20 gathering in Argentina.
Among the S&P 500's 11 major sectors, technology and financial stocks weighed most heavily. That fueled questions about the outlook for tech industries and US economic growth. Brent crude, used to price worldwide oils, lost $1.28 to $68.84 in London. Trump's Tweet on Monday, "Hopefully, Saudi Arabia and OPEC will not be cutting Oil production".
An afternoon recap of the day's most important business news, delivered weekdays. "Oil prices should be much lower based on supply!" also helped drag prices lower. The euro gained to $1.1241 from $1.1218.
In Europe, London's FTSE traded lower by 0.2 percent, Germany's DAX was lower by 0.9 percent and France's CAC declined 0.3 percent.
CURRENCIES: The dollar slipped to 113.90 yen from 114.01 late Tuesday in Asia.