Highlights

  • Tech stocks take the biggest hit
  • Stocks reverse gains as data indicates weakness
  • Fed rate hike fears grips Wall Street

Latest news

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US markets see sharp cuts, bear market loses its bounce

Markets doubtful if the the global economy can face bigger rate hikes

US markets see sharp cuts as the bear market rally loses its steam. The blue-chip Dow Jones Industrial Average fell 1.56%, the S&P 500 dropped 2.01% and the Nasdaq Composite was the laggard, down 3%.

Weak economic data made the market reverse all early gains as bets rise on aggressive hikes from the Fed. The consumer confidence index fell to a reading of 98.7, down from 103.2 in May.

Beyond equities; oil pushed past $112 a barrel on supply risks and Bitcoin striggled around $20,000 as sentiment continues to be sour around digital tokens.

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