(CNBC) -- The major U.S. stock indexes fell sharply on Tuesday and turned negative for the year as a decline in Target shares pressured retailers, while the most popular tech shares dropped again.
The Dow Jones Industrial Average dropped 606 points and the S&P 500 plunged 2 percent. The Nasdaq Composite also dropped more than 2 percent. The Dow and S&P 500 were up 1.2 percent and 0.6 percent, respectively, for 2018 entering Tuesday. The Nasdaq was up nearly 2 percent for the year.
Stocks hit their lows of the day after Doubleline Capital founder Jeffrey Gundlach said stocks are still too expensive, adding there has not been a "panic low" yet.
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