Market volatility continues as tech giants and key indices experience notable declines amid economic uncertainty.
The Dow closed down 333.59 points (0.77%) at 42,992.21, well off the day's low of 42,761.56. The S&P 500 dropped to 5,932.95, settled at 5,970.84 with a loss of 66.75 points (1.11%) while the Nasdaq ended lower by 298.33 points (1.49%) at 19,722.03, recovering from a low of 19,533.40.Tesla closed nearly 5% downwards while Apple Inc., Nvidia, Alphabet, Microsoft Corporation, Amazon, Oracle Corporation, Netflix, Accenture, Morgan Stanley and Micron Technology lost 1 to 3%.
On the economic front, data showed that U.S. retail inventories, excluding autos, increased by 0.6% month-over-month in November, following an upwardly revised 0.3% rise in the prior month, according to preliminary estimates.
Meanwhile, wholesale inventories fell by 0.2% month-over-month to $902 billion in November after a revised 0.1% increase in the prior month, according to advance estimates. On a yearly basis, wholesale inventories increased by 0.9% in November.
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