Sellers turned up the heat, sending major indexes to new session lows in morning trade Tuesday.The Nasdaq and S&P 500 slid 3% and 2.6%, respectively. Both came close to their June 8 lows. The NYSE composite dropped 2.7% and the Dow 2.3%. Volume continued to track sharply higher on both exchanges.
World markets tumbled after a round of bad news from China, Japan and Europe. China's Shanghai composite dived 4.3% to its lowest close in more than a year. Hong Kong's Hang Seng lost 2.3%. Germany's DAX swooned 3.5% and London's FTSE 100 3.3%.
Chip issues were some of the worst hit.
Recent winner Cirrus Logic (CRUS) dropped 7% to a near two-week low. It's now 14% off its June 21 high.
Cree (CREE) also dropped 7% and neared its 200-day moving average. It has been trading comfortably above its long-term support line since March 2009.
The Philadelphia semiconductor index tumbled 4.8%, breaching its 200-day moving average.
Elsewhere, leaders across the board got hurt.
Skechers (SKX) gapped down, skidding 8% and breaching its 50-day line. Intraday, the stock fell 13% from a 42.50 buy point in a cup base.
Apple (AAPL) soured 4% and fell under a 266.04 buy point from a handle. The stock also was testing its 50-day line, holding just below the line.
Wynn Resorts (WYNN) violated its 50-day moving average in a clearer fashion. It gapped down, falling well below the line as it dropped 7%.
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