Dow Jones Plunges Over 500 Points as Goldman Sachs Leads Decline

The Dow Jones Industrial Average plummeted over 500 points on Tuesday as Goldman Sachs led the decline. The financial giant's stock fell more than $30, accounting for roughly 180 points of the drop. This exacerbated the overall selloff, with 27 out of the 30 components of the Dow trading lower.

The Dow's losses were largely driven by the high-priced stocks within the index, including Goldman Sachs, American Express, Home Depot, and UnitedHealth. These names are particularly sensitive to rising interest rates, which have pushed the 10-year Treasury yield above 5% for the first time since 2007.

Higher oil prices also contributed to the market's woes, with crude trading above $100 per barrel. This has increased inflation expectations and put pressure on Federal Reserve Chairman Jerome Powell to take a more aggressive stance on interest rates at this week's meeting.