Dow Jones loses nearly 600 pts, Wall Street falls for third straight session

US stocks fell for a third consecutive session on Thursday, as selling pressure intensified in the technology and cryptocurrency sectors, prompting investors to continue shying away from risk.

The Dow Jones Industrial Average dropped 1.20%, or 592 points, to 48,908.

The broader S&P 500 index declined 1.23%, or 84 points, to 6,798, erasing its year-to-date gains and turning down 0.69% for the year. The Nasdaq Composite also fell 1.59%, or 363 points, to 22,540.

In Europe, the Stoxx Europe 600 index slipped 1% to 611.65 points, with the defense and oil sectors down 2.30% and 2.40%, respectively.

Germany’s DAX fell 0.45% to 24,491, France’s CAC 40 eased 0.30% to 8,238, and the UK’s FTSE 100 declined 0.90% to 10,309.

In Japan, the Nikkei 225 dropped 0.90% to 53,818, while the broader Topix index edged down 0.10% to 3,652.

Regarding commodities, April Brent crude futures fell 2.75%, or $1.91, to $67.55 per barrel. US Nymex crude for March delivery declined 2.84%, or $1.85, to $63.29 per barrel.

Gold futures for April delivery dropped 1.24%, or $61.3, to $4,889.50 per ounce.

What’s behind the market move?

Investors continued to avoid cryptocurrency and technology stocks amid ongoing volatility and the earnings season, as concerns related to artificial intelligence continue to mount.