Slumping technology stocks pull Wall Street lower

By DAMIAN J. TROISE
AP Business Writer

NEW YORK (AP) — Stocks fell in morning trading on Wall Street Tuesday, weighed down by a big decline in tech heavyweights over concerns about persistently rising inflation and its impact to their bottom lines. The S&P 500 index fell 2.1%, the Dow Jones Industrial Average fell 1.1% and the Nasdaq fell 3.6%. A stark profit warning from Snapchat’s parent company spooked investors into dumping the stocks of major social media companies. Snap’s stock price sank 39%, while Facebook’s and Google’s parent companies also fell sharply. Retailers and banks also fell broadly. The yield on the 10-year Treasury fell significantly, to 2.75%.