US markets collapsed in overnight trade with share prices dropping the most since 2020, clocking the biggest decline since the pandemic started. Friday’s loss was the biggest for the Dow since Oct. 28, 2020.
The Dow fell 981.36 points, or 2.8%, S&P 500 was 2.8% lower at 4,271.78, for its worst day since March. The Nasdaq Composite declined by 2.6% to 12,839.29.
Fed comments spooked the market that bigger rate hikes were coming from the US central bank. Traders are betting on a 94% chance that the Federal Reserve will deliver a 75 basis point rate hike in June, up from 70% on Thursday and 28% a week ago.