Dow drops 300 points, S&P 500 falls for a fourth day as tech slumps, bitcoin briefly dips below $90,000

Stocks fell again on Tuesday after tech shares continued to retreat on concerns about valuations of artificial intelligence-related stocks and as bitcoin dropped briefly below $90,000, a sign of reduced risk-taking by investors.

The Dow Jones Industrial Average was down 365 points, or 0.8%. The S&P 500 shed 0.5%, putting it on pace for its fourth straight losing session, which would be its longest slide since August. The Nasdaq Composite lost 0.8%. At their lows of the session, the blue-chip Dow was lower by nearly 700 points, or 1.5%, while the broad-based S&P 500 and tech-heavy Nasdaq had fallen 1.5% and 2.1%, respectively.

The day's moves were pressured by AI chip darling Nvidia, which fell more than 1%, and fellow "Magnificent Seven" members Amazon and Microsoft. Those two slumped 3% each.

"We could see an 8% [or] 9% decline when all is said done," CFRA's chief investment strategist Sam Stovall said about the S&P 500. "It might even end up concluding sooner if we get the kind of earnings that our analyst is expecting for Nvidia, and if we get employment data that is weak but not pointing to recession."