Sharp drops in Big Tech companies pull the Nasdaq down 1.5% in early trading

NEW YORK: Stocks slumped on Wall Street Tuesday as a sell-off in big technology stocks spread from Asia back to the U.S. over worries about potentially higher interest rates by the end of the year.

The S&P fell 1% and is coming off 11 weekly gains out of the last 12, led largely by technology stocks. The Dow Jones Industrial Average fell 97 points, or 0.2% as of 9:53 a.m. Eastern. The Nasdaq composite fell 1.5%.

Markets throughout Asia fell, including a 10% slump for South Korea’s Kospi. Stocks in Europe also slid.