Stock Market Today: Biotech, Social Media Stocks Slide Following Yellen's Remarks

NEW YORK (TheStreet) -- Major U.S. stock markets tumbled Tuesday following Federal Reserve Chair Janet Yellen's prepared remarks to the Senate Banking Committee that some sectors of the markets, notably biotech and social media, appear overvalued. 

The iShares Nasdaq Biotechnology Index ETF (IBB) slid 2.6% on the remarks, as MannKind (MNKD) dropped 1.7%, Geron (GERN) moved 5% lower, and Ariad Pharmaceuticals  (ARIA) was down 4.5%.

Prominent companies in the social media space sold off: Twitter  (TWTR) fell 1.4%, Facebook  (FB) dropped 1.8%, Yelp  (YELP) slid 4.4% and LinkedIn  (LNKD) was down 1.4%.

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The Dow Jones Industrial Average was slipping 0.24% to 17,015.06, the S&P 500 moved 0.52% lower to 1,966.87, and the Nasdaq plunged 0.96% to 4,397.85.

Shares of JPMorgan  (JPM) were gaining 3.6% after the bank posted second-quarter earnings of $1.46 a share, beating analysts' estimates of $1.29 a share. Goldman Sachs  (GS) was up 0.84% after the bank's earnings of $4.10 a share handily beat estimates of $3.05.

Markets boasted healthy gains Monday with the Dow closing well above the psychological threshold of 17,000, a level it had dipped below after European markets sold off last week.

On the U.S. data front, June retail sales rose less than expected, up 0.2% vs. the average estimate of 0.6%. Import prices rose by a smaller-than-forecast 0.1% in June, vs. the 0.3% consensus estimate. The July Empire State Manufacturing Index came in at 25.6 vs. the 17 reading expected by economists.

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