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US stocks fell sharply on Thursday as a renewed sell-off in the tech sector rattled a market already weighed down by concerns about the impact of Donald Trump’s trade tariffs on the world’s biggest economy.
The blue-chip S&P 500 lost 1.5 per cent, with consumer cyclicals and financials among the sectors hit hardest.
The tech-heavy Nasdaq Composite lost 1.8 per cent, with chipmaker Marvell Technology plunging as much as 20 per cent after its first-quarter results disappointed.
Wall Street stocks have weakened over the past two weeks as Trump’s tariffs on China, Mexico and Canada sparked fears over the hit to growth.
Thursday’s slide is the latest in a series of swings on Wall Street this week as investors weigh the fallout from Trump’s tariffs on the US’s three largest trading partners, a last-minute exemption for carmakers and the threat of more sweeping tariffs next month.
“We are in a ping-pong market,” said Mike Zigmont, co-head of trading at Visdom Investment Group. “At the moment, the market [takes] the latest White House soundbite as fact, but it is ready to go the other way in a heartbeat.”
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