Stocks plunged, with the S&P 500 and Dow erasing gains for the year.

TheS&P 500(^GSPC) fell 1.82%, or 48.84 points, as of market close. The Dow (^DJI) tumbled 2.21%, or 551.8 points, and the Nasdaq (^IXIC) fell 1.7%, or 119.65 points.

Both the S&P 500 and the Dow have erased year-to-date gains as of market close Tuesday. Each is now down about 1% this year.

Tuesday’s losses follow a broad sell-off in equities on Monday, which saw the Dow shed nearly 400 points at the close. The tech sector led declines, with each of the FAANG giants falling at least 20% from their 52-week highs at their intraday lows Monday.

Last year, the tech sector had been the S&P 500’s best performer.

“Tech continues to be caught in the crosshairs of the triple threat of rising interest rates, global growth fears and trade tensions with China,” Chris Zaccarelli, chief investment officer of Independent Advisor Alliance, said via email. “Since tech has led the market higher this year and many of the largest companies in the overall market index are part of the technology sector, the drop in tech is leading to a drop in the overall market.”

It’s difficult to know exactly what will ultimately slow the declines. However, a breakthrough in the trade dispute with China, a possibility that the Federal Reserve will pause or reduce the rate of interest rate hikes or some positive macroeconomic data that leads the market to believe that global growth will accelerate again could help assuage some of the fears sending the market lower, Zaccarelli said.

The Trump administration is also considering tightening rules on technology exports,based on a request for public commentpublished Monday in the U.S. Federal Register. The request considers whether new technologies with national security applications including AI and robotics should be subject to stricter export control rules.The Washington Post reportedthat such restrictions could impact companies innovating in these spaces, including Apple (AAPL), Alphabet (GOOG), IBM (IBM) and Amazon (AMZN).

Meanwhile, cryptocurrencies weren’t spared from their own rout, with Bitcoin prices (BTC-USD) tumbling to the lowest levels in more than a year. Prices for the largest cryptocurrency fell to $4,076.59 at the 24-hour lows, extending losses from Monday. (Yahoo)