Wall Street Plunges as Tech Rout Deepens; Nasdaq 100 Slides Over 3%, S&P 500 Down by 1.5%

💡 Investors are bracing for a potentially volatile week as the tech rout deepens and major indices slide.

The Dow Jones Industrial Average plummeted 2.5% on Wednesday, as the Nasdaq 100 and S&P 500 followed suit with declines of 3.1% and 1.5%, respectively. The technology-heavy Nasdaq 100 has now fallen for five consecutive sessions, with $AAPL, $GOOGL, and $MSFT leading the losses.

The tech rout has been fueled by concerns over inflation, interest rates, and economic growth. The Federal Reserve's hawkish stance has also contributed to the selling pressure, with investors increasingly pricing in the likelihood of a recession.

Tech Rout Continues to Unfold

The Nasdaq 100's decline has been particularly pronounced, with $NVDA, $AMD, and $BABA among the biggest losers. The semiconductor sector has been hit particularly hard, with many stocks in the group trading at or near their 52-week lows.

Inflation and Interest Rates Remain Key Concerns

The Federal Reserve's hawkish stance has sent Treasury yields soaring, with the 10-year yield reaching 4.5%. The higher yields have made bonds less attractive, contributing to the tech rout.

What It Means for Investors