The discretionary sector is the worst performer amid concerns about inflation weighing on consumer spending. Every component of the sector trades in the red with Etsy (ETSY 76.06, -7.01, -8.4%) and Booking Holdings (BKNG 2112.41, -165.43, -7.3%) sitting at the bottom of the barrel.
Amazon (AMZN 109.40, -6.75, -5.8%) is falling for the fourth consecutive day toward its May low (101.26) while the SPDR S&P Retail ETF (XRT 63.59, -2.26, -3.4%) has dropped to its lowest level in over two weeks.
Concerns about the strength of the consumer have also been reflected in underperformance among credit providers.
Discover Financial (DFS 99.16, -6.97, -6.6%) and Synchrony Financial (SYF 31.73, -2.13, -6.3%) are the biggest laggards among financials.
The top-weighted technology sector is also suffering from broad-based weakness and pressure from underperformance in some of its largest components like Adobe (ADBE 392.40, -34.02, -8.0%) and NVIDIA (NVDA 170.28, -10.20, -5.6%). Apple (AAPL 137.71, -4.93, -3.5%), meanwhile, trades a step ahead of the sector.