US stocks slammed during opening trade
Major US equity indices witnessed a weaker opening on Thursday amid renewed selloff in technology shares and reviving hopes for a faster Fed rate-tightening cycle.
The Federal Reserve on Wednesday raised interest rates by 25 basis points and indicated plans to shrink its $4.5 trillion massive balance sheet sometime this year. A more hawkish Fed tone seemed fueling concerns over stretched valuations in technology stocks and weighed on the broader indices.
At the time of writing, the Dow Jones Industrial Average was down 85-points to 21,289, while broader S&P 500 Index lost around 18-points to 2,420. Meanwhile, tech-heavy Nasdaq Composite tumbled nearly 80-points, or more than 1%, to 6,116.
Meanwhile, news report that the US President Donald Trump was being investigated for possible obstruction of justice added to the jitters and collaborated to Thursday's selling pressure.