Top Movers of the Day

The S&P 500 entered correction territory, dropping below 5,200, nearing a 10% decline from its mid-July peak. Tech stocks like Nvidia and Broadcom hit bear markets. Odds of a 50-basis-point Fed rate cut in September rose to 85%. Major indices fell, with heavy trading volume indicating strong investor conviction. Tech, consumer discretionary, and communication services sectors were hit hardest. The 10-year Treasury yield fell to 3.78%, and the VIX hit a four-year high. Some tech stocks showed signs of recovery, but market volatility remains high.

Here are the top movers of the day:

• Crypto Stocks: Bitcoin's drop below $50,000 impacted several crypto-related stocks. Robinhood fell more than 8%, MicroStrategy plunged over 9%, Coinbase dropped over 7%, and Marathon Digital slipped more than 1%.

• Kellanova: Shares of the snack food company surged over 16% to a new 52-week high amid reports that candy maker Mars is considering a takeover.

• Nvidia and Super Micro Computer: Nvidia declined over 6% and Super Micro Computer fell more than 2% as U.S. recession fears led to a global market sell-off. Semiconductor stocks, represented by the VanEck Semiconductor ETF, dropped more than 2%. Micron Technology and Arm Holdings each lost over 2%, and Taiwan Semiconductor Manufacturing fell more than 1%.

• Apple: The tech giant's stock dropped nearly 5% after Warren Buffett's Berkshire Hathaway sold half its stake in the company. Despite the sale, Apple remains Berkshire's largest equity holding.

• Palantir: The software company's stock fell more than 2% ahead of its quarterly results. Analysts expect second-quarter revenue of $652 million and earnings of 8 cents per share.

• Tech Stocks: Major tech companies saw significant declines during the sell-off. Amazon dropped more than 4%, Microsoft slid over 3%, Tesla fell more than 4%, and Meta (Facebook's parent company) declined over 2%.

• Intel: Shares of the chipmaker fell over 6%, continuing a sharp decline from last week following poor fiscal second-quarter results and an announcement to cut 15% of its workforce. Shares tumbled 26% on Friday, the biggest drop in 50 years.

• Tyson Foods: Shares rose around 2% after the company posted strong fiscal third-quarter earnings, beating analyst expectations with adjusted earnings of 87 cents per share and revenue of $13.35 billion.

• GameStop: The stock dropped around 2%, extending losses from the previous session. Game Informer, owned by GameStop, announced it was shutting down after 33 years, laying off all employees.

• Lucid: The electric vehicle maker's shares fell nearly 4% ahead of its second-quarter results. Analysts expect a loss of 26 cents per share on revenue of $192 million.