US stock sell-off deepens as Nasdaq falls nearly 3% on fears of higher rates and weak tech results

US stocks tumbled on Friday as investors continue to worry about a hawkish Federal Reserve, interest rate hikes, rising inflation, and disappointing earnings, particularly from mega-cap technology firms.

The tech-heavy Nasdaq Composite — which entered correction territory midweek — tumbled further, dragged by streaming giant Netflix. The Dow Jones Industrial Average slipped more than 300, breaking further below its 200-day moving average. The benchmark S&P 500 slumped to its worst weekly performance since 2020.