At the close of trade, the Dow Jones Industrial Average index tumbled by 876.05 points, or 2.79%, to 30,516.74. The S&P500 index fell by 151.23 points, or 3.88%, to 3,749.63. The tech-heavy Nasdaq Composite Index dropped 530.80 points, or 4.68%, to 10,809.23.
All 11 major S&P sectors ended the session red, with energy (down 5.1%), real estate (down 4.78%), utilities (down 4.63%), consumer discretionary (down 4.66%), and information technology (down 4.47%) issues suffered the largest percentage losses.
The Federal Reserve is scheduled to announce its latest monetary policy decision on Wednesday, with the central bank expected to continuing raising interest rates in an effort to combat inflation. The Fed is expected to hike interest rates by 50 basis points when it concludes its two-day meeting on Wednesday, and traders are piling into bets for a potential 75-basis-point hike in the coming months. One worry is that an aggressive push higher on rates by the Fed could send the economy into recession.
Shares of high-growth market heavyweights such as Apple Inc, Microsoft Corp and Amazon.com Inc were the biggest drags on the S&P 500, as the yield on the benchmark 10-year U.S. Treasury note hit 3.44%, its highest level since April 2011. Growth stocks are more likely to see their earnings suffer in a rising rate environment.
Crypto-currency- and block-chain-related stocks, including Riot Blockchain, Marathon Digital Holdings and Coinbase Global, all plunged as bitcoin slumped more than 10% after major U.S. crypto-currency lending company Celsius Network froze withdrawals and transfers citing "extreme" conditions.
Among Indian ADR, WNS Holdings fell 3.14% to $69.39, Azure Power Global dropped 3.5% to $13.30, Tata Motors fell 4.8% to $25.38, and INFOSYS sank 2.6% to $17.85. Wipro fell 2.6% to $5.55, ICICI Bank fell 3.8% to $17.22, and HDFC Bank fell 4.9% to $52.65. Dr Reddy's Labs shed 1.4% to $54.38.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
