Wall Street slid as investors locked in profits on tech stocks such as Yahoo! and LinkedIn as the latest corporate earnings season is about to start.
In afternoon trading in New York, the Dow Jones Industrial Average shed 0.88 per cent, the Standard & Poor's 500 Index fell 1.23 per cent, while the Nasdaq Composite Index dropped 1.80 per cent.
Declines in Pfizer and Nike, down 3.1 per cent and 3 per cent respectively, led the Dow lower.
Shares of Yahoo! plunged 4.1 per cent, LinkedIn sank 3.6 per cent, Amazon shed 2.7 per cent, Apple and Google each lost 1.8 per cent, while Facebook dropped 1.6 per cent.
Instead, investors opted for the likes of Intel, IBM and Cisco, last all up 1.5 per cent.