Tech stock sell-off drags Nasdaq down 1.5% on interest rate hike fears
By
Damian J. Troise
Summary
Stock markets slumped on Tuesday as a sell-off in big technology companies spread from Asia to the U.S., driven by growing concerns over potential interest rate hikes later this year. The Nasdaq composite fell 1.5%, the S&P 500 dropped 1%, and the Dow Jones Industrial Average declined 0.2%. The sell-off deflated a massive run-up in AI-related stocks, with Micron Technology plunging 9%. Markets throughout Asia also fell sharply, including a 10% slump in South Korea's Kospi, and European stocks slid as well.
Source
bskyTech stock sell-off drags Nasdaq down 1.5% on interest rate hike fearsapnews.comKey quotes
· 3 pulledStocks slumped on Wall Street Tuesday as a sell-off in big technology stocks spread from Asia back to the U.S. over worries about potentially higher interest rates by the end of the year.
The S&P fell 1% and is coming off 11 weekly gains out of the last 12, led largely by technology stocks.
Markets throughout Asia fell, including a 10% slump for South Korea's Kospi.
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