The Nasdaq Composite bore the brunt of today's stock market losses on reports that the U.S. government was targeting various big tech companies for antitrust violations.
Nasdaq tumbled 1.6% to enter correction territory, trading more than 10% below its late April record high.
Alphabet shares sank 6.7% following reports that the Justice Department was preparing to launch an antitrust investigation of Google, while Amazon slid 5.4% and Facebook fell 7.7% following a WSJ report that the Federal Trade Commission could examine the companies' practices, and Apple slipped 1.8% after Reuters reported the DoJ had received jurisdiction to investigate that company.
Communications services (-3.1%) was today's biggest decliner among the S&P sectors, followed by technology (-1.7%) and consumer discretionary (-0.8%), but the other eight S&P groups all finished higher, led by materials (+3.1%).
Even so, continuing concerns about trade and growth helped limit buying conviction throughout the day.
Growing expectations for a rate cut, as well as general growth concerns, again sent Treasury yields tumbling, with the two-year note sinking 12 bps to 1.83% and the 10-year yield sliding 6 bps to 2.08%.
Crude oil prices gave up most of an early rebound effort, with WTI settling -0.5% at $53.25/bbl.
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