The S&P 500 index rapidly reversed course and fell 0.9%, while the Nasdaq 100 dropped 1.1%.
In the technology sector, the Philadelphia Semiconductor Index plunged 2.3%. Advanced Micro Devices, Coherent, Rambus, and Arm Holdings expanded their earlier losses, leading the sector's decline.
Apple shares fell 1.4%.
The S&P 1500 Consumer Discretionary Index (S15COND) declined as much as 1.3% at one point.
Amazon dropped 2.4%, while Nike slid 2.6%.
The KBW Bank Stock Index gave back its earlier gains, falling more than 1%.
MP Materials, a rare earth producer with U.S. government backing, climbed to its intraday high.
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