Stock market today: US stocks drop as trio of mega-cap tech giants weigh down market

• US stocks declined on Tuesday as a trio of mega-cap tech giants continued their sell-offs.
• Tesla and Apple moved lower on concerns about their exposure to China and its impact on sales.
• Alphabet also extended its decline on Tuesday as investors question whether its behind in the AI race.

US stocks declined on Tuesday as a trio of mega-cap tech giants continued their recent sell-offs.

Shares of Apple declined by about 2% in early Tuesday trades as investors grew concerned about its exposure to China and weakening iPhone sales in the region. Research firm Counterpoint said iPhone sales plunged 24% in China in the first six weeks of the year, while competitor Huawei saw its popularity rise in the country.

Tesla stock fell about 3% on Tuesday, extending a 7% decline on Monday, as February vehicle sales in China showed a 19% year-over-year decline for Tesla. The EV-maker sold 60,365 vehicles in China last month, representing its lowest month of sales in the country since December 2022, according to data from the China Passenger Car Association.

Finally, shares of Alphabet were weak in early Tuesday trades, dropping about 1% and extending its 3% decline from Monday as investors continue to question where the company stands in the AI race following its botched rollout of Gemini.

Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday: 

• S&P 500: 5,104.96, down 0.51% 
• Dow Jones Industrial Average: 38,813.67, down 0.45% (-176.16 points)
• Nasdaq Composite: 16,058.79, down 0.93%

Here’s what else is going on today: 

• Investor Gary Shilling said the stock market could fall 30% and that odds are still in favor of an economic recession.
• A resurgence in crypto prices has boosted the prices of NFTs, with one crypto punk recently selling for $16 million.
• Bitcoin is retesting its all-time high of about $69,000 amid a supply and demand imbalance, shrugging off the outlook for higher-for-longer interest rates.

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil fell 0.53% to $78.32 a barrel. Brent crude, the international benchmark, dropped 0.53% to $82.36 a barrel. 
• Gold jumped 0.54% to $2,137.70 per ounce. 
• The 10-year Treasury yield declined by 6 basis points to 4.15%.
• Bitcoin dropped 1.42% to $67,371.