US equity markets slumped as Treasury yields resumed their ascent, with investors further picking apart the Federal Reserve’s latest monetary policy pronouncements - Dow tumbled -1,063-points or -3.12%, its worst daily percentage drop since 28 October, 2020, according to Dow Jones Market Data. The broader S&P500 shed -3.56%, recording its second worse single session decline of the year to date. Consumer Discretionary (down -5.81%), Information Technology (-4.93%) and Communication Services (-4.09%) all fell over >4% to lead all eleven primary sectors lower. Tesla Inc fell -8.3% after CNBC reported that Elon Musk intends to temporarily serve as chief executive at Twitter Inc (+2.65%) once the takeover deal closes. The Nasdaq dropped -4.99%, logging its lowest closing level since November 2020 and its worst daily percentage fall since 11 June, 2020. Facebook-parent Meta Platforms Inc fell -6.77%, Amazon.com Inc -7.56% and Apple Inc -5.57%. Etsy Inc and eBay Inc slumped -16.83% and -11.72% respectively after issuing weaker-than-expected revenue guidance. The small capitalisation Russell 2000 -4.04%.
