The Dow opened down 0.9%, the S&P 500 fell 0.7%, and the Nasdaq dropped 0.7%.

Semiconductor development manufacturer Wolfspeed suffered a sharp drop of 63.3% and is preparing to file for bankruptcy. United Health Group fell by 5.9% and was embroiled in a scandal involving "nursing home benefit transfer". Target Corporation dropped by 7.2% and lowered its full-year sales forecast. XPeng Motors surged by 6.6% with Q1 revenue exceeding expectations.