US markets close with major losses, Fed in focus

Tuesday, 06. December 2022 22:01

Wall Street tumbled at Tuesday's closing bell amid negative sentiment prompted by concerns over the Federal Reserve's coming rate hike. With the inflation data and the Fed's policy decision coming next week, markets are projecting rates to go up by 50 basis points, a slightly smaller increase versus the previous hikes.

Big Tech companies registered declines, including Tesla, Amazon, Apple, and Meta Platforms. The Facebook parent company suffered significant losses following the news of a dispute with the European Union over advertising rules.

The Dow Jones plunged 1.03% or 350 points at the close, while the Nasdaq 100 sank 2.01% or 237 points, and the S&P 500 tumbled 1.44%.

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