Stock markets took a hit on Thursday as Wall Street investors sold off shares of Big Tech companies, causing major indices to stumble.
The Dow Jones Industrial Average fell 345 points, or 1.1%, while the S&P 500 dropped 1.3% and the tech-heavy Nasdaq Composite sank 2.1%.
Big Tech giants such as Apple, Amazon, and Facebook were among the companies experiencing significant sell-offs, leading to the overall market decline.
Investors were likely spooked by concerns over rising interest rates and inflation, as well as uncertainty surrounding the ongoing pandemic and its impact on economic recovery.
As a result, the market saw a broad-based sell-off, with tech stocks leading the way down. This marked a stark contrast to the recent trend of Big Tech companies driving market gains.
Overall, the sell-off serves as a reminder of the volatility and unpredictability of the stock market, as investors continue to navigate through uncertain economic conditions.