Leading the swing were Apple and Nvidia, both Silicon Valley giants with significant dealings in China, as shares of Apple went from as much as a 4% morning gain to a 2% daily loss by late afternoon, and Nvidia stock turned what was as much as a 3% gain to a 3% daily drop.

Nvidia shares ended the day 17% lower, notching their worst one-day performance since March 2020 and closing solidly below the 200-day moving average. The decline erased $589 billion in market value, a record drop.