(CNBC) -- The S&P 500 gave up earlier gains and closed in the red Wednesday as tech stocks sold off, continuing a market rotation out of high-flying growth names.
The market suffered an ugly close where the declines in technology accelerated, dragging down the major averages in a rapid fashion. The equity benchmark fell 0.6% to 3,889.15 after rising as much as 0.8%. The tech-heavy Nasdaq Composite dropped 2% to 12,961.89, closing at its session low. Apple, Facebook and Netflix all slid more than 2%, while Tesla fell 4.8%. The Dow Jones Industrial Average dipped into the red in the final seconds of the session, closing 3.09 points lower at 32,420.06.
Classic reopening plays like airlines and cruise operators rolled over in afternoon trading. Shares of cruise operators fell to session lows after Centers for Disease Control and Prevention said the sailing order limiting cruises will stay in place until Nov. 1.
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