The stock market is getting pounded for the second time in three days as shares of companies including Apple Inc. and Bank of America Corp. fell sharply.
Apple led a big decline in the Nasdaq composite after investors were spooked by a warning from one of its component suppliers, raising fears of future weakness at the technology behemoth. Bank of America slid after its first-quarter profit fell short of analyst estimates.
As of 9:45 a.m., the Dow Jones industrial average had sunk 179.43, or 1.2%, to 14,577.35. The Standard & Poor’s 500 dropped 28.72 points, or 1.8%, to 1,545.85.
The pain was worst in the tech-laden Nasdaq, which shriveled 75.91 points, or 2.3%, to 3,188.72.
The losses were most pronounced in economically sensitive sectors following a spate of unimpressive economic data in the past week, including disappointing numbers on unemployment and retail sales.