Dow closes 300 points lower as Caterpillar leads afternoon slide; European markets close mixed as Covid surge dents sentiment; Volvo slides 7% 
U.S. stocks fell on Tuesday in an afternoon slide led by shares of companies with the most to lose if there are any hiccups in the global economic reopening from the Covid-19 pandemic. The S&P 500 declined 0.8% to 3,910.52, pressured by industrials and materials. The Dow Jones Industrial Average fell 308.05 points, or 0.9%, to 32,423.15 as Caterpillar slipped 3.4%. The tech-heavy Nasdaq Composite slid 1.1% to 13,227.70. The small-cap Russell 2000 dropped 3.6% to 2,185.69 for its worst day since June. 

The pan-European Stoxx 600 index finished lower by 0.1%, paring most of its earlier losses. Autos dropped 2.5% while telecoms climbed 1.3%. At the bottom of the European blue chip index, Sweden’s Volvo fell 7% after warning that the global shortage of semiconductors would affect its production in the second quarter. 
Source: CNBC