U.S. stocks slump as investors fear bigger Federal Reserve rate hikes

“Investors aren’t looking at fundamentals right now, and this is more of a sentiment issue,” said Megan Horneman, chief investment officer at Verdence Capital Advisors.

According to preliminary data, the S&P 500 lost 148.70 points, or 3.51 per cent, to end at 4,149.31 points, while the Nasdaq Composite lost 635.21 points, or 4.90 per cent, to 12,329.65. The Dow Jones Industrial Average fell 1,033.07 points, or 3.03 per cent, to 33,027.99.

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