S&P 500 closes lower for a fourth straight day as recession worries jolt markets; European markets close lower as global sentiment remains subdued; tech stocks fall 
Stocks tumbled Tuesday, building on the previous session’s losses, as fears of a recession gripped Wall Street. The S&P 500 shed 1.44% to close at 3,941.26, while the Nasdaq Composite sank 2% to finish at 11,014.89. The Dow Jones Industrial Average dropped 350.76 points, or 1.03%, to settle at 33,596.34. 
Media and bank stocks, which tend to suffer during recessions, led the losses. Paramount Global’s CEO warned of lower fourth-quarter advertising revenue, sending shares down nearly 7%. Morgan Stanley’s stock slumped amid news it’s planning to cut 2% of its workforce, continuing the recent layoff trend in the sector. Growth-focused technology names like Nvidia, Amazon and Meta Platforms also weighed on the market. 
Shares of Boeing slumped 3.5% on Tuesday, weighing down the Dow Jones Industrial Average, which shed nearly 500 points during the trading session. 
Boeing stock may have been weighed down because Textron won a U.S. Army contract that could be worth $70 billion over the years to make helicopters. Textron stock jumped 5% Tuesday.

 
The pan-European Stoxx600 closed down 0.6%, with most sectors and major bourses finishing in the red. Tech stocks led losses, shedding 1.5%. Aeroports de Paris (ADP) shares plunged more than 13% in early trade after Royal Schiphol sold off its remaining stake 3.91% stake in the company at a discount price. 
Source: CNBC, Investing.com