"Tech Troubles and Fed Testimony Drive Dow Down 400 Points"

The Dow Jones Industrial Average fell over 400 points as weakness in megacap growth companies like Apple and the chip sector weighed on the Nasdaq, ahead of economic data and remarks from Federal Reserve Chair Jerome Powell. US services industry growth slowed in February, but new orders increased, indicating underlying strength. Wall Street's AI-fueled rally lost steam as focus turned to the Fed's monetary policy path after signs of sticky inflation in February. Traders anticipate a rate cut in June, and Apple's stock slid after a report showed a decline in iPhone sales in China. Target's shares surged after the retailer forecasted strong annual sales, while Microstrategy's stock dropped following an announcement of a private offering for $600 million in convertible senior notes.