The Nasdaq index fell nearly 2.4%, dragged down in part by a sharp decline in Meta shares after back-to-back jury rulings went against the company in closely watched U.S. court cases.
The drop leaves the tech-heavy index down 11% from its October peak, placing it officially in correction territory.
Broader markets also declined, with the S&P 500 falling 1.7% and the Dow Jones Industrial Average slipping 1%.
Meanwhile, oil prices eased after U.S. President Donald Trump said he would delay potential strikes on Iranian energy infrastructure until April 6.
Brent crude, which had settled at around $108 per barrel amid concerns over supply disruptions, edged lower following the announcement, reflecting a temporary easing of market fears.