Stocks on Wall Street led by bank, industrial and health care companies plummeted
Inflation remains a growing concern among investors, which, if caught, will put a major pressure on the overall market. Tech stocks, which derive most of their valuations from future profits, companies that are expected to earn, become less valuable if inflation reduces the value of those earnings.
Commodity prices are rising, especially for industrial metals such as copper and platinum, as well as energy commodities such as gasoline and crude oil.
The S&P 500 fell 36.33 points, or 0.9%, to 4,152.10.
The Dow Jones Industrial Average fell 473.66, or 1.4%, to 34,269.16.
The Nasdaq fell 12.43 points or 0.1% to close at 13,389.43.
The Russell 2000 index of small companies fell 5.71 points or 0.3% to 2,206.99.
For the week:
The S&P 500 is down 80.50 points, or 1.9%.
The Dow is down 508.60 points or 1.5%.
The Nasdaq is down 362.81 points or 2.6%.
Russell 2000 is down 64.64 points or 2.8%.
For the year:
The S&P 500 is up 396.03 points or 10.5%.
The Dow is up 3,662.68 points or 12%.
The Nasdaq is up 501.14 points or 3.9%.
Russell 2000 is up 232.13 points or 11.8%.