Dow gives up 300-point gain | GameStop drops 33% | Why you should never try to time the market

U.S. stocks erased earlier gains and closed lower as tech shares weighed down the market.

VIEW IN BROWSER | SUBSCRIBE WED, MAR 24, 2021 EVENING BRIEF AS OF WED, MAR 24, 2021 • 04:36 ET DJIA 32420.06 -0.01% -3.09 S&P 500 3889.14 -0.55% -21.38 NASDAQ 12961.89 -2.01% -265.81   Most Active DOW NAME LAST CHG %CHG AAPL 120.09 -2.45 -2.00% INTC 62.04 -1.44 -2.27% MSFT 235.46 -2.12 -0.89% S&P 500 NAME LAST CHG %CHG VIAC 70.10 -21.15 -23.18% AAPL 120.09 -2.45 -2.00% INTC 62.04 -1.44 -2.27% NASDAQ NAME LAST CHG %CHG AAPL 120.09 -2.45 -2.00% INTC 62.04 -1.44 -2.27% AMD 76.48 -1.90 -2.42%   EDITOR'S NOTE Wednesday started out as a strong day for investors betting on an economic recovery from the Covid pandemic. The Dow Jones Industrial Average gained more than 360 points at one point, led by reopening plays.   The robust recovery investing thesis was reinforced as Federal Reserve Chair Jerome Powell told the Senate he expects the economy to experience superior growth in 2021. "There's going to be a very, very strong year in the most likely case," Powell told the Senate Banking Committee. "There are of course risks to the upside and downside, but it should be a very strong year from a growth standpoint."   But weakness in tech shares ruined the day, sinking lower and lower as the day went on and eventually taking all the major averages with them. The S&P 500 closed down 0.6% and the Dow ended up with a three-point loss. The tech-heavy Nasdaq Composite lost 2% on the day. Investors in tech manias of old fared the worst on Wednesday, with shares of GameStop tanking 33% and Tesla down 5%.   GameStop reported disappointing quarterly results and signaled the brick-and-mortar video game retailer was considering selling additional equity shares. The stock drop was likely due to dismay that a more detailed transformation wasn't unveiled.   "While everyone was expecting big news about some massive digital transformation in the mold of the new tech-oriented board members, nothing was said," wrote Telsey Advisory Group analyst Joseph Feldman. "In fact, the company did not even take questions on the earnings conference call."   Tesla's stock has traded poorly this week despite the showy $3,000 price target from Cathie Wood of Ark Invest.  Maggie Fitzgerald | CNBC Markets Reporter @mkmfitzgerald TOP NEWS  S&P 500 reverses gains and closes lower as tech sells off, Nasdaq falls 2% GameStop shares fall 33% on lack of transformation detail, possible share sale ViacomCBS stock is in free fall as Wall Street expresses doubt about streaming execution Yellen supports banks' share buybacks. Sen. Warren wants BlackRock designated too big to fail This chart shows why investors should never try to time the stock market These stocks consistently beat the market when rates rise. Analysts say buy them now Satellite imagery shows mega container ship blocking Egypt's Suez Canal Credit Suisse is giving junior bankers special $20,000 bonuses, raises after Goldman analyst revolt 14 GOP state attorneys general sue Biden administration over oil and gas leasing moratorium Morgan Stanley sees 5 reasons why the bank stock rally will keep going, names top picks   TOP VIDEO Watch CNBC's full interview with Intel CEO Pat Gelsinger   CNBC PRO Barry Sternlicht, who started six SPACs, hopes the 'public is not led to slaughter' in bad deals   SPECIAL REPORTS You can now buy a Tesla with bitcoin. But you may be hit with a big tax bill IRS had a backlog of nearly 12 million paper tax returns by Christmas, says watchdog   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS