Wall Street plunges as tech stock sell-off and rate hike fears trigger worst losses in months

The US stock market has experienced its worst losses in months due to large sell-offs of shares in multiple technology giants and fears of a looming rate hike in the wake of a strong jobs figures report.

On Wall Street, the S&P 500 sank 2.6 per cent on Friday, local time, marking its biggest one-day drop since October 10, when the Trump administration threatened to impose a 100 per cent tariff on imported goods from China.

The losses helped push the benchmark index to its first losing week in the last 10.