$US1.3 trillion drop for major tech firms: Dow tumbles 1,000 points on inflation fears

Wall Street has lost trillions of dollars as investors took flight amid concerns that more interest rate hikes by the US central bank would not be enough to curb surging inflation.The Dow Jones index fell 3.1 per cent to 32,998, the S&P 500 fell 3.5 per cent to 4,147, and the Nasdaq fell 5 per cent to 12,318The Bank of England approved a 0.

Rising interest rates, the war in Ukraine, COVID-19 lockdowns in China are all weighing on investor confidence. Big tech companies were sold off — including Google, Apple, Microsoft and Amazon — because higher interest rates will increase their borrowing costs, and tech firms have relied on cheap finance to expand.Payments firm Block plummeted to a first-quarter loss as cryptocurrency bitcoin prices declined.

First a tumble, then comes the free fall.

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