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CNBC Daily Open: Tech stocks were battered

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The Dow Jones Industrial Average outperformed other major indexes, in a stark reversal of the tech frenzy that's gripped markets since May.

hiked its key interest rate

by 250 basis points to 17.5%. Analysts were expecting a 500-basis-point hike to combat the country's annual inflation of 38.21% in June. "Terrible decision … Again under-delivering," Timothy Ash, emerging markets strategist at BlueBay Asset Management, wrote. The Turkish lira fell about 50 basis points on the news.

 

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