Global Tech Sell-off and Rising US Interest Rate Hike Expectations Weigh on Markets

A significant sell-off in big technology stocks, originating from Asia and spreading to the US, has led to sharp drops in global markets. The Nasdaq composite fell 2.2%, while South Korea's Kospi index plunged 10%. This market downturn is fueled by increasing worries about potentially higher interest rates by the end of the year, with Wall Street now pricing an 85% chance of a central bank rate hike, up from 60% a week prior. The S&P 500 also declined by 1.4%.