US markets took a hit as the 30 stock Dow fell more than 500 points as investors got spooked by Federal Reserve (Fed) commentary on earlier than expected rate hikes.
The US stocks nosedived after Federal Reserve official James Bullard that the he was supporting the group of seven members that believes rate increases will begin next year. This comes as the Fed has moved up it's rate hike calendar to 2023 due to a rise in inflation forecast.
Financials were down 6%, Energy sector down 5% were the worst hit on Wall Street.
For the week, the Dow lost 3.5%. The S&P 500 and Nasdaq were down by 1.9% and 0.2%, respectively.