NY Dow drastically dropped by more than $500 at one point. This is the second day in a row that the Dow Jones Industrial Average has fallen.
It was reported that sales of IT giant Apple's smartphones in China have fallen since the beginning of this year, leading to an increase in sell orders among investors. Many investors were looking to lock in their profits ahead of Chairman Powell's scheduled testimony before Congress. The Nasdaq stock index, which has many high-tech stocks, also fell by a significant 1.6%.