Shares of technology companies fell as the flight from risk continued.
Tesla shares tumbled, losing more than 11%, after the electric-car maker posted fourth-quarter earnings ahead of Wall Street targets, but didn't offer updates on some of the new launches that investors are anticipating.
Chief Executive Elon Musk's decision to participate in the earnings conference call, which he has spurned in the past, generated hopes that the company would have an update on mass-market vehicles, said Edward Moya, senior market analyst at foreign-exchange brokerage OANDA Group.
Continuing a recent intraday pattern, the tech sector -- a favorite of the day-trading crowd -- led a rally early in the session, only to slip into the red around midday.
"Market volatility is not going away anytime soon as the 'buy the dip' crowd has a new motto, 'sell the rally,'" said Mr. Moya.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-27-22 1718ET
