Sharp Losses Hit U.S. Stocks as Bank of America Loses $22 Billion in One Day

Al-Taj News –

U.S. markets saw sharp declines, with shares of several major companies, particularly chipmakers, suffering significant losses, while Bank of America’s shares lost around $22 billion in market value in a single day.

The sell-off coincided with consecutive losses for the Dow Jones Industrial Average, which has shed around 1,300 points over the past six sessions, amid growing concerns over the trajectory of interest rates and U.S. monetary policy.

The probability of a 25-basis-point interest rate hike rose to around 90%, alongside an increase in the yield on the benchmark U.S. Treasury bond, which approached 5%, reaching its highest level for the first time in three years.

In the technology and semiconductor sector, Nvidia shares continued their losses for a fifth consecutive session, amid a wave of selling that affected several chip stocks, increasing pressure on technology shares and U.S. markets.