NEW YORK, Jan 6 ― US stocks fell sharply yesterday, with the Nasdaq plunging more than 3 per cent in its biggest one-day percentage drop since February, after US Federal Reserve meeting minutes signalled the central bank may raise interest rates sooner than expected.
The selloff was broad, with all S&P sectors ending in the red, and Wall Street's fear gauge, the Cboe Volatility index, closing at its highest level since December 21. The S&P 500 technology sector fell 3.1 per cent and was the biggest drag on the benchmark index, while the rate-sensitive real estate sector dropped 3.2 per cent in its biggest daily percentage decline since January 4, 2021.
Policymakers in December agreed to hasten the end of their pandemic-era programme of bond purchases, and issued forecasts anticipating three quarter-percentage-point rate increases during 2022. The Fed's benchmark overnight interest rate is currently set near zero.
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