The Dow Jones industrial average shed 470 points in Tuesday trading to close at 16,058, erasing much of the gain from last week’s market rally.

The S&P 500 fell 58 points to close at 1,914.

The Nasdaq fell 140 points to close at 4,636.

The LABJ Stock Index fell six points to close at 216.

Among stocks trading above $1, Tuesday’s biggest local gainer was NantKwest, the newly public biotech firm run by billionaire Patrick Soon-Shiong. NantKwest shares, which have been in steady decline since the firm’s July IPO, climbed 8 percent on the day to close at $18.55. Still, shares are well short of their IPO price of $25.

Tuesday’s biggest loser was Chatsworth oil firm California Resources Corp. Shares fell 10 percent on the day, closing at $3.48, as oil prices sank nearly 8 percent.