The Dow fell 1.3% at the opening, the S&P 500 fell 1.3%, and the Nasdaq fell 1.6%.

Sports equipment stocks fell, with Adidas down 3.6%, Lululemon down 2.4%, and Nike down 2.0%. Oracle dropped 2.3% and is facing a lawsuit from bondholders. Applovin fell 5.1%, with short-selling institutions accusing the company of systematic violations and major financial crimes. RAPT Therapeutics rose 63.7% after being acquired at a premium by GlaxoSmithKline. Critical Metals rose 8.4% and will establish a joint venture with Saudi Industrial Group to expand rare earth supply.