The S&P 500 and Nasdaq slipped below their 50-day moving average for the first time in 138 trading days, and the Dow industrials capped their worst three-day drop since April.

"Past innovation-driven booms—like the 1920s and in the 1990s—have led the market to overpay for future profits even though the underlying innovations were real."

Stocks of Airbnb (3.6%), Booking Holdings (4.8%), Expedia (-7.7%), and TripAdvisor (3.8%) all declined by more than 3% intraday, impacted by the announcement and further plunged amid an overall bearish market.

Investors are growing more cautious about the possibility of a deeper correction - despite November’s reputation as one of the market’s strongest months. Read more

Alphabet stock was rising after it was disclosed that Berkshire Hathaway had purchased 17.8 million shares of the Google-parent.

U.S. homebuilder sentiment remained subdued in November as concerns about the labor market and household finances weighed on demand, contributing to a surge in the share of builders slashing prices to reduce new housing inventory.

President Trump's tariffs have coincided with contraction across the manufacturing sector and a sharp deterioration in consumer sentiment.