Mid-Afternoon Market Update: Dow Tumbles Over 300 Points; Crude Oil Down 5%

Toward the end of trading Tuesday, the Dow traded down 1.90 percent to 16,137.20 while the NASDAQ dipped 2.16 percent to 4,520.65. The S&P also fell, dropping 1.91 percent to 1,902.32.

On Tuesday, utilities shares slipped by just 0.5 percent. Meanwhile, top gainers in the sector included

, up 2 percent, and

up 3 percent. In trading on Tuesday, energy shares fell by 3.5 percent. Meanwhile, top losers in the sector included

, down 12 percent, and

, down 12 percent.

reported stronger-than-expected results for its fourth quarter on Monday. Alphabet reported a huge Q4 earnings beat of $8.67; consensus estimate called for earnings of $8.10 per share. The company also beat on revenue, coming in at $21.34 billion versus $20.76 billion estimates.

shares shot up 20 percent to $6.41 as

announced plans to acquire LoJack for $6.45 per share in cash, in a deal valued at around $134 million. Shares of

got a boost, shooting up 24 percent to $50.20 as the company reported stronger-than-expected quarterly earnings.

shares were also up, gaining 18 percent to $28.06 after the company reported stronger-than-expected quarterly results.

shares dropped 70 percent to $0.740 after the company announced top-line results from a Phase 3 trial, COR1.1. Shares of

were down 25 percent to $33.36. Plantronics reported better-than-expected third-quarter earnings, but the company's revenue missed analysts' expectations. The company announced a new 1 million share buyback plan and issued a weak earnings forecast for the fourth quarter.

was down, falling around 26 percent to $9.88. Rent-A-Center reported upbeat quarterly earnings, but the company's sales missed analysts' estimates.

In commodity news, oil traded down 5.06 percent to $30.02, while gold traded up 0.06 percent to $1,128.70. Silver traded down 0.20 percent Tuesday to $14.32, while copper fell 0.22 percent to $2.05.

European shares closed lower today. The eurozone's STOXX 600 fell 2.05 percent, the Spanish Ibex Index dipped 2.96 percent, while Italy's FTSE MIB Index dropped 3.05 percent. Meanwhile, the German DAX dropped 1.81 percent, and the French CAC 40 slipped 2.47 percent, while U.K. shares fell 2.28 percent.

There were no major US economic releases Tuesday.