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The Dow lost up to 596 points, or 2.4%, on Tuesday. Declining retailers like Target (TGT) and Kohl's (KSS) led the S & P 500 down 1.7%.
Technology stocks were once again hit hard, with the Nasdaq losing 2%. Apple fell 4% after Goldman Sachs reduced its price target on the iPhone maker for the second time in a week.
The three main indexes are now slightly lower for the year. The Dow is about 2,400 points from its top.
"The highways will be crowded tonight as the Thanksgiving action race begins in earnest, but this morning investors rush to take the exit," Paul Hickey, co-founder of Bespoke Investment Group, wrote Tuesday to his clients. .
The Dow also lost nearly 400 points on Monday. This week's sale marks the continuation of two gloomy months on Wall Street. The S & P 500 returned in a correction, marking a 10% decline from the index's closing record on September 21st.
The losses were caused by a wave of worries ranging from rising interest rates to falling oil prices up to the trade war between China and the United States. But the main theme is that investors are preparing for the end of the economic growth and fantastic profits that have marked the past year. Analysts expect a deceleration in 2019 due to tariffs, the decreasing impact of tax cuts and rising borrowing costs attributable to the Federal Reserve.
"In simple terms, stocks have already begun to take into account the risk of an economic slowdown," wrote Tuesday the chief strategist for US stocks at Goldman Sachs, David Kostin.
Morgan Stanley warned on Monday that the US stock market was already down. The company noted that more than 40% of the S & P 500 index was down 20% from the recent highs.
"The market is saying that bad news will come," wrote Michael Wilson, Morgan Stanley's equity strategist.
Fears of slowing down were at the center of concerns in the retail sector. Disappointing results allowed Target and Kohl to drop more than 10% on Tuesday. TJX (TJX) and Ross Stores also declined. Home improvement retailer Lowe & # 39; s (LOW) lost 5% after posting its results. This leaves the home improvement retailer on track for its ninth consecutive daily loss.
Investors continue to flee the darling technologies that have already propelled the market higher. Concerns about poor demand for the latest iPhones have weighed heavily on Apple (AAPL). Other dynamic actions such as Netflix (NFLX), Amazon (AMZN) and Facebook (FB) are under heavy pressure. The owner of Google, Alphabet (GOOGL), is in his first bear market since 2011.
Energy stocks were among the biggest losers. ExxonMobil (XOM), Chevron (CVX) and Hess all lost ground after the US oil price dropped below $ 54 a barrel for the first time in a year. Fears of an overabundance of supply and weaker demand have driven crude into a bear market. It's now about 30% less than the recent October 3 record.
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