Expectations of a sooner-than-expected rate hike pushed US Treasury yields to a two-year high, with Wall Street’s main indexes tumbling as tech stocks dropped

The Nasdaq fell by more than 10 per cent below its record level on November 22nd, and was last trading at around 9 per cent below its November 9 closing record.

Megacap companies such as Apple, Amazon and Meta each fell between 2 and 4 percent.

But it was the S&P 500 technology and communication services sectors, which fell the most among the 11 major S&P sectors.