New York: The sell-off in US stocks picked up steam, with investors dumping the tech darlings that carried the bull market for much of its record run and retailers who are posting disappointing earnings. Treasuries advanced with the yen and dollar, oil plunged below $55 a barrel to its lowest price in 12 months.

The S&P 500 Index slid 10% below its record close. The Nasdaq Composite Index erased its gain for the year, and the Dow Jones Industrial Average shed more than 500% as angst spread across global equity markets.

Investors pointed to escalating trade tension, signs of a looming slowdown in retail growth and cracks in the credit market, but an indiscriminate dumping of the year’s biggest winners still largely characterized the action. Retailers were the worst performing group in the S&P 500, followed by tech hardware.

“It’s a fundamentally driven correction," Mandy Xu, chief equity derivatives strategist at Credit Suisse, said on Bloomberg Television. “People are very concerned about earnings outlooks, not just in tech but broader across all sectors. And as a result, we’re probably not going to get a v-shaped recovery. People are going to probably wait until next quarter’s earnings to see if growth is holding up."

Here are some of the equity moves:

In bond markets, the yield on 10-year Treasuries fell to the lowest level since September. A credit-default swap index of mostly high-yield issuers in Europe reached the highest in almost two years, signaling renewed nerves about the asset class.

The sell-off in momentum stocks continued a slump that began last month, with the latest blow coming from renewed concern that demand for Apple’s iPhones has slowed. At the same time, the Trump administration is considering tighter curbs on technology exports, a step that Deutsche Bank AG says would have a “profound and long lasting adverse impact" on relations between the U.S. and China.

And calls for dip-buying have turned into notes of caution. Goldman Sachs recommended investors hold more cash. Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund firm, said that investors should expect low returns for a long time after enjoying years of low interest rates from central-bank stimulus.

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