US Market crash
Why did US stock market crash?
US markets posted their worst day since June 2020 as high inflation hurt sentiments.
Nasdaq lost 5.16%, Dow fell 3.94% and SP 500 closed plunged 4.32%.
Investor sentiment took a hit after the August consumer price index report showed inflation rising to 8.3% in August, higher than expected.
Megacap tech stocks were the worst hit. Together, the top 6 US Tech companies lost more than $500 billion.
Analysts now say that the US Fed is likely to raise interest rates for the third time in a row, by 0.75% in its upcoming meeting.
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