(CNBC) Cloud companies, e-retailers and household tech names got hammered on Thursday, wiping out hundreds of billions of dollars in market value and pushing the Nasdaq Composite to its worst one-day plunge since June 2020. A day after the Federal Reserve raised its benchmark interest rate by a half point in a bid to stem rising inflation, investors sold out of the part of the market that’s generally viewed as the growth driver, on concerns that the economy is in for some dark times ahead.
Tech sell-off pushes Nasdaq to steepest drop since June 2020
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