With Tuesday's drop, the S&P 500 is down 24% from its record high close on Jan. 23. Microsoft and Google-parent Alphabet (GOOGL.O)each lost just over 1% and weighed heavily on the S&P 500. In afternoon trading, the Dow Jones Industrial Average (.DJI) was down 0.74% at 29,045.38 points, while the S&P 500 (.SPX) lost 0.57% to 3,634.13. Analysts have cut their S&P 500 earnings expectations for the third and fourth quarters, as well as for the full year. For the third quarter, analysts now see S&P 500 earnings per share rising 4.6% year-over-year, compared with 11.1% growth expected at the start of July.

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