US market falls sharply as inflation worries loom

US markets ended sharply lower in Thursday's trade as traders awaited inflation data to be released on Friday which will signal where the Fed goes with rates in their June meet. Tech stocks took the biggest beating as Wall Street tumbled.

The Dow Jones Industrial Average fell 638.11 points, or 1.94%, to close at 32,272.79. The S&P 500 dropped 2.38% to settle at 4,017.82, and the tech-heavy Nasdaq Composite took it on the chin once again as it shed 2.75% to come in at 11,754.23.

For over two straight months, expenditures on basic and essentials— fuel, power, and grocery-store food — have all been rising at double-digit annual rates for the first time since 1981. The next set of data on prices which is due on Friday is likely to show a further surge worrying traders of more aggressive rate hikes.