S&P 500 extends slide toward 3,800 as tech stocks erase early gains

After starting the day mixed, major equity indexes turned south pressured by a negative shift in market sentiment. Reflecting the risk-off mood, the CBOE Volatility Index, Wall Street's fear gauge, is up nearly 9% at 23.80.

According to the latest market chatter crossing the wires, US Senate Democratic Leader Chuck Schumer thinks that it may take a month, a month-and-a-half to pass the stimulus bill.

As of writing, the Dow Jones Industrial Average was down 1.15% on the day at 30,638, the S&P 500 was losing 0.8% at 3,808 and the Nasdaq Composite was falling 0.75% at 13,268.

The risk-sensitive S&P 500 Technology Index, which was up more than 1% after the opening bell, is currently down 0.73%, confirming the souring market mood.

S&P 500 chart (1-hour)