Tech stocks led a sharp market sell-off on Thursday, as Donald Trump’s latest threat to impose steep tariffs on imports from major trading partners added to investors’ concerns about the health of the US economy.
The blue-chip S&P 500 lost 1.6 per cent, taking its decline since last Wednesday to 4.2 per cent and erasing the market’s year-to-date gains.
The tech-heavy Nasdaq Composite closed down 2.8 per cent, with Nvidia shedding 8.4 per cent even after the chipmaker overnight reported an almost 80 per cent jump in revenue.
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