A combination of factors like concerns over faster-than-expected rates hike, trade tensions, and the health of the technology sector pushed the Wall Street from deep green to red.

Rate Hike Fears

Trump Tariff

Again in early March, Trump's tariff news spooked markets, sparking threats of a trade war. President Trump imposed severe tariffs of 24% on steel imports and 10% on aluminum imports that could lead to retaliation from other countries thereby resulting in unforeseen consequences. Although this fear faded with Trump and other countries starting negotiations, the President's intention to impose tariffs on up to $60 billion of Chinese imports, targeting the technology and telecommunications sectors, led to bloodbath in the stock markets yet again.

Tech Rout

Then the panic was created by the social media giant Facebook (FB – Free Report) following the data breach report, which sparked concerns about data privacy and security, resulting in increased scrutiny and possible regulatory pressure. The news has taken a toll not only the broader technology sector but the broad U.S. market as well. This was followed by a slew of negative news that again has sent the sector into a tailspin this week, with FANG stocks being the biggest losers.