Tech Sell-Off Deepens as Nasdaq Tumbles Over 2%
U.S. equities extended losses on Wednesday, with the Nasdaq Composite plunging more than 2% amid broad-based selling in major tech names. Apple, Microsoft, and Nvidia all posted sharp declines, dragging down the growth-heavy index. Sentiment weakened as investors reconsidered valuations amid rising interest rate concerns.
Broader Market Retreats Amid Mounting Pressure
The Dow Jones Industrial Average dropped 1.5%, while the S&P 500 slid over 1.7%. Sector-wide losses were widespread, with semiconductors and high-growth stocks among the hardest hit. Traders cited persistent inflation signals and hawkish Fed commentary as key triggers for the downturn.
Shift Toward Safe-Haven Assets Accelerates
- Increased demand for Treasuries and gold
- Market pricing reflects expectations for higher-for-longer rates
- Some funds begin de-risking by reducing tech exposure
Analysts warn that without strong earnings follow-through from tech, volatility could intensify. Upcoming labor and inflation data will likely shape near-term market direction and central bank expectations.