Dow falls over 300 points early Tuesday as tech stocks get slammed amid renewed inflation fears

U.S. stock benchmarks opened solidly lower Tuesday, with inflation worries seen keeping pressure on previously highflying tech stocks. The Dow Jones Industrial Average
DJIA,
-1.37%

fell 0.9%, or over 300 points, to trade at around 34,423, the S&P 500 index
SPX,
-1.03%

was down 1.2% at 4,137, while the Nasdaq Composite Index
COMP,
-0.44%

declined 1.6% to 13,185. The market’s recent selloff has been mostly concentrated in tech and growth stocks as investors shift out of highflying investments and buy assets that are viewed as performing better during the expected economic improvement from the COVID pandemic. In corporate news, Novavax Inc.
NVAX,
-10.93%

late Monday said revenue climbed in the latest quarter as the company saw positive results from its COVID-19 vaccine trials in the U.K. and South Africa. Shares were down 20%.