Wall Street stocks plunged as stumbles by high-flying technology shares sparked a broader selloff yesterday amid rising fears of a trade war.
The tech-rich Nasdaq Composite Index led the market lower, dropping 2.7 per cent to 6,870.12.
The Dow Jones Industrial Average dropped 1.9 per cent at 23,644.19, while the broad-based S&P 500 shed 2.2 per cent to 2,581.88.
The ugliest losses were experienced by tech giants such as Amazon, Facebook and Tesla Motors, each following specific catalysts that spurred selling.
But in a worrisome development, the liquidation spread to a broader slate of companies, including American Express, Home Depot, Nike and Dow DuPont, all of which lost two per cent or more.
"It started with the tech stocks and it's become 'throw the baby out with the bathwater,'" said J J Kinahan, chief market strategist at TD Ameritrade.
"They're reassessing the valuation on the entire market," said Kinahan. "A while ago all news was good news. Now news is all things to be afraid of."
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app