Nasdaq tumbles 2%, S&P 500 1.5%; REITs, utilities, staples gain
- Roughly 3% declines for Facebook, Microsoft (ahead of earnings this afternoon), and Amazon are leading the rout in the Nasdaq this afternoon.
- The S&P 500 is faring a bit better, helped by gains in defensive plays like consumer staples (XLP +1.1%) and utilities (XLU +2.1%).
- The DJIA is off just 0.8%, boosted by a 3.3% post-earnings advance from Boeing.
- Also catching a bid are the REITs (IYR +1.2%), (VNQ +1.3%) as the 10-year Treasury yield dips 4.5 basis points to 3.125%.