The tech sector experienced the worst day in seven years as leading shares fell down to their lowest including Dow Jones Industrial Average, which dropped 800 points down experiencing its eight-month low.
On Wednesday, tech shares took a steep decline over worrying about rapidly increasing interest rates, which affected overall stocks performance. It has resulted in the worst trade ever for Wall Street in eight months.
Dow Jones Industrial Average traded down by 831.83 points to its lowest at 25,598.74 as Microsoft and Intel both fell down by 3.5 percent. The Nasdaq Composite plunged 4 percent to 7,422 whereas S&P 500 traded 3.3 down at 2,785.68. The broad index entered its losing streak for the straight five days, which marks the longest one since 2016.
Both S&P and Dow showed their biggest drops in a day since February whereas the Nasdaq Composite marked its biggest sell in a day since 2016.
Overall stocks have fallen down sharply in this month. In October, Dow and S&P 500 traded down by 3.3 percent and 4.4 percent, respectively. Meanwhile, the Nasdaq Composite has fallen down by 7.5 percent.
The shares of Apple and Facebook both have lost more than 4 percent. Netflix declined by 8.4 percent, while Amazon slid 6.2 percent this Wednesday. The overall tech sector has experienced the worst day due to a drop of 4.8 percent in seven years.
In Europe, stocks have also fallen down due to worries over Italy’s budget. France’s CAC 40 pulled back 2.1 percent and Germany’s Dax fell down by 2.2 percent. Meanwhile, Stoxx 600 dropped 1.6 percent.
The Dow Jones Industrial Average remained in the limelight as it has experienced the worst trading day in eight months. It fell down by 800 points as tech shares including Amazon led the rout.