Nasdaq Tumbles More Than 500 Points, Closes Down 4.29 Percent

The US stock market had a weaker performance on Monday as higher U.S. Treasury yields hit growth stocks.

Nasdaq closed down 4.29 % or 521 points. S&P 500 also closed below 4000, witnessing a 3.20 per cent fall.

Stock indexes like Nasdaq and S&P 500 tumble amid prospects of aggressive monetary policy tightening.

The energy sector tumbled 3.4% as oil prices fell more than 2%, sparked by weak China data and a tighter COVID-19 lockdown in Shanghai.

The benchmark S&P 500 index hit its lowest level in a year as mega-cap stocks fell.

Microsoft Corp,, Apple Inc, Google-owner Alphabet Inc, Meta Platforms and Tesla Inc fell between 2.3% and 3.2%.

Source: Livemint