Highlights

  • US Markets crack in overnight trade
  • Tech stocks hit hardest as yields soar
  • Crude Oil rallies to 3 year high

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All Fall Down! Global markets collapse

Nasdaq tanks 2.8% in worst day since March, contributed the most to the index decline, falling as much as 3.9%

US markets led the downfall in sentiment as the tech heavy index Nasdaq collapsed 2.8% and the Dow closed lower by over 570 points. Investors worried about everything - from the end of easy money to China's energy crisis.

Rising inflation in the US raised concerns that the US central bank would push the brakes on bond purchases which led to the 10-year Treasury yield rising as high as 1.567% vs being at 1.12% at the start of August.

Also watch: Paytm wallet to accept international remittances

The rise in yields hit the tech stocks hardest with Facebook, Microsoft and Alphabet losing more than 3%, while Amazon dropped more than 2% which led to the Nasdaq's worst drop since March.

The weakness on Tuesday extended the losses for the major indexes in September. The Nasdaq is down 4.7% month to date, while the S&P 500 and Dow are down 3.8% and 3%, respectively.

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