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Wall Street suffers worst hit of 2026 so far amid massive stock sell-off
Wall Street has experienced its largest losses so far in 2026 with the S&P 500 dropping 2.6 per cent. (AP: Richard Drew)
The US stock market has suffered its worst losses in eight months due to large sell-offs of tech giants' shares and fears of a looming rate hike.
The 2.6 per cent slump in the S&P 500 on Friday followed data showing US employers added 172,000 jobs in May, far more than the 80,000 expected for the month.
Newly-installed chair of the US Fed Reserve Kevin Warsh is set to head his first policy meeting in the coming fortnight.
The US stock market has experienced its worst losses in months due to large sell-offs of shares in multiple technology giants and fears of a looming rate hike in the wake of a strong jobs figures report.
US stocks slump as fears over Big Tech shake Wall Street
Stock markets suffered a sharp drop on Friday, with the tech-heavy Nasdaq index seeing its biggest one-day drop since April 2025.
With fears mounting that gains so far this year may be unsustainable, a surprisingly strong US jobs report for April sparked a selloff, with the major US markets ending the week in the red.
The data stoked fresh fears among investors that the Federal Reserve will keep interest rates higher for longer, especially as inflation remains stubborn.
The Nasdaq index fell by more than 4%, the S&P 500 closed 2.6% lower and the Dow Jones Industrial Average dropped 1.35%.
Digital assets also suffered a sharp selloff on Friday. Bitcoin, the biggest cryptocurrency, dropped sharply as investors rushed to offload riskier assets across the board.
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