Dow drops 350 points led by Boeing and Nike, Nasdaq falls another 1%; European shares slump nearly 2% on Covid concerns; tobacco stocks tumble 
U.S. stocks fell for a second day on Tuesday as strong corporate earnings failed to boost a market already near record highs, while an alarming rise in global Covid cases raised concerns about the recovery. 
The Dow Jones Industrial Average fell 350 points as Boeing and Nike both dropped more than 4%. The S&P 500 lost nearly 1%, while the tech-heavy Nasdaq Composite dipped 1.1%. 
Reopening plays such as airlines and cruise line operators led losses on Tuesday. United Airlines plunged 9% after the carrier reported its fifth consecutive quarterly loss and said that business and international travel recovery is still far off. American Airlines fell 6%, while Carnival, Norwegian Cruise Line and Royal Caribbean all traded about 4% lower.  
Procter & Gamble shares were flat even after the consumer giant reported quarterly earnings that beat expectations with pandemic home-care trends lingering and beauty sales picking up.  
Johnson & Johnson shares gained 1% following better-than-expected earnings and revenue. The company also reported $100 million in first-quarter sales of its Covid-19 vaccine that’s on hold in the U.S. while health regulators investigate a rare blood-clotting issue. 

The pan-European Stoxx 600 ended the session down by 1.9%, with travel and bank shares both dropping 3.7% to lead losses as all sectors and major bourses declined. 
British American Tobacco slumped 7.6%, leading a broad decline for tobacco companies after a report that the Biden administration is considering a requirement for reduced nicotine content in all cigarettes sold in the U.S. Imperial brands also fell 7.3%. 
At the bottom of the European blue chip index, Austrian chipmaker AMS plunged 12.9% after a media report that it lost some business from U.S. tech giant Apple, 
Source: CNBC