>> US stocks on Wednesday plummeting, extending their recent slide. The losses felt deepest in the NASDAQ, which plunged more than 4%. Its worst one day sell-off in more than seven years. Dragging down the index Wednesday, tech giants Facebook, Alphabet and Netflix, shares of which finished down more than 9% just a week after surging on earnings.
The NASDAQ is now down more than 12% from its recent high hits just two months ago, putting the NASDAQ into what's known as correction territory. Reuters editor Alden Bentley talks about what's weighing on stocks.>> Today's really, I would say, the first sign of panic selling we saw, particularly in the NASDAQ.
The backdrop, really, has to do with a number of things. There's China tariffs. We had the beige book out today, there were 52 mentions of tariffs, and clearly, tariffs and trade are an issue that can be a negative for the market. Particularly, in an earnings period and now we're in earnings, and we've had a mixed bag of earnings.
Banks started out to being pretty strong earnings-wise a week or so ago, but we've had some disappointments.>> Like disappointing earnings reports from Texas Instruments and AT&T, both closing down more than 8%. The broader market suffering as well. The DOW sank more than 600 points. That index and the S&P 500 have now erased all of their gains for the entire year.