US Market crash

US markets posted their worst day since June 2020 as high inflation hurt sentiments.

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Nasdaq lost 5.16%, Dow fell 3.94% and SP 500 closed plunged 4.32%.

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Investor sentiment took a hit after the August consumer price index report showed inflation rising to 8.3% in August, higher than expected.

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Megacap tech stocks were the worst hit. Together, the top 6 US Tech companies lost more than $500 billion.

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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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