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Dow Jones plunges more than 800 points as tech stocks and rate worries weigh

James Titcomb
Shares in Facebook, Amazon, Apple, Netflix and Google’s parent company Alphabet all fell in New York trading - Bloomberg

Wall Street suffered its biggest fall since February as a sell-off in technology giants and interest rate worries left the benchmark Dow Jones index nursing a 832 point fall on Wednesday.

The US blue-chip index dropped 3.2pc to end at 25,598.7, while the wider S&P 500 fell 3.3pc to 2,785.68, down for the fifth day straight. In London the FTSE 100 closed at a six-month low.

Shares in Facebook, Amazon, Apple, Netflix and Google’s parent company Alphabet – the so-called “Faang” stocks that have driven US markets to all-time highs recently – all fell in New York trading, with the tech-dominated Nasdaq index recording its worst day since 2016, falling 4pc.

Rising government bond yields have made them more attractive, leading ­investors to pull out of equities. US ­10-year Treasuries hit a seven-year high of 3.26pc yesterday.

Concerns about consumer spending have also led to jitters as US companies prepare to unveil third-quarter results.

Netflix shares fell by 8pc while Amazon, Apple, Alphabet and Facebook all dropped by between 4.6pc and 6.5pc.

Snap, the parent company of the messaging app Snapchat, fell 5.9pc and sank to a new all-time low. Compounding the drop, the US government announced plans for tougher oversight of foreign investment in US tech companies.