Wall Street Plunges On Inflation Woes Monday, Tech Stocks Lead Losses With 2.1% Drop

Wall Street Plunges on Inflation Woes Monday, Tech Stocks Lead Losses With 2.1% Drop

NEW YORK (UrduPoint News / Sputnik - 05th October, 2021) Wall Street's Big Tech sector plunged more than 2% on Monday, leading losses across US stocks that fell sharply based on fears about escalating oil prices and inflation.

The Nasdaq Composite Index, led by Big Tech Names such as Facebook, Amazon, Apple, Netflix and Google, closed down 2.1%.

Facebook lost almost 5% at the close after a glitch across the social media giant's platforms, including WhatsApp and Instagram, affected access for untold numbers of people.

The broad-based Dow Jones Industrial Average, comprising mostly industrial stocks, finished down 0.9%. The blue-chip S&P 500, which groups the top 500 stocks on the NYSE, closed down 1.3%.