U.S. stocks fell sharply on Wednesday amid disappointing earnings, while concern about heightened speculative trading activity deepened.

The Dow Jones Industrial Average lost 620 points, or 2%, while the S&P 500 dropped 2.6%. The tech-heavy Nasdaq Composite slid 2.5%. The S&P 500 and the Nasdaq both hit intraday record highs in the previous session.

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Boeing fell more than 4% after its earnings report showed 2020 net loss hit a record of $11.9 billion amid the 737 Max grounding and the coronavirus pandemic. Shares of AMD tumbled more than 7% even after the chipmaker posted revenue and earnings that beat Wall Street’s already high expectations.

Intensifying speculative behavior among retail investors is causing concern. Heavily shorted names, including GameStop and AMC Entertainment, continued to be pushed higher by amateur day traders in online chat rooms. Some investors are worried about mounting losses by hedge funds spilling over to other areas of the market as those funds sell other securities to raise cash. Investors are also concerned the speculative behavior is a sign the market is overvalued and a pullback is near.

“We’ve run up so much and this is healthy profit taking,” said John Davi, founder and CIO of Astoria Portfolio Advisors. “There has been a tremendous market melt-up in the past two months. When the market goes up parabolically, you will see speculative behaviors from a lot of investors.” Read more at CNBC