A bruising session for tech stocks handed the Nasdaq Composite its biggest one-day drop since 2016’s Brexit vote and saw the S&P 500 chalk up its longest losing streak of the Trump presidency.
The declines for stocks - which picked up pace during the afternoon session on Wednesday - follow a sharp, multi-day sell-off in the US government bond market that in recent days had pushed yields to their highest level since 2011 and come a fortnight after the Federal Reserve’s decision to raise interest rates for the third time this year.
Concerns about global growth have also been spurred this week, with the IMF downgrading its forecasts for a number of economies, and China on Sunday trying to free up cash at commercial lenders.
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