Blame it on Google-parent Alphabet which plunged nearly 10 percent after it posted disappointing earnings.

Also treasury yields rose, reviving fears that interest rates could stay higher for longer.

The Dow lost a third of one percent while the S&P 500 dropped more than one percent and the Nasdaq more than two percent.

Alphabet posted disappointing cloud services revenue, leading to its precipitous decline. Exencial Wealth Advisors Chief Investment Officer Tim Courtney said the stock was priced for perfection as are other technology giants.

"The upside is these companies have provided great returns year to date. The downside is they have to keep on performing to justify these prices which they are well out of their normal valuation range, these mega cap tech names."

Treasury yields moved back up near 5% after robust new home sales data and mortgage rates reaching 23-year highs affirmed market expectations of prolonged elevated interest rates heading into 2024.

Other stocks on the move included Microsoft which gained three percent following its better than expected quarterly results...

And Facebook-parent Meta Platforms which reported revenue that topped estimates after the closing bell. Shares rose four percent in after-hours trading.