Wall Street is reeling from a sharp selloff that has wiped out billions in market value. Technology stocks led the decline, with major indices dropping over 3% in a single session. The downturn follows weeks of volatility sparked by rising interest rates and inflation concerns.

Investors are particularly rattled by Federal Reserve signals suggesting more aggressive rate hikes to combat persistent price pressures. The S&P 500 has now fallen more than 15% from its recent peak, entering bear market territory. Tech giants like Apple and Microsoft saw their shares plunge, erasing trillions in market capitalization.

Market analysts warn that the correction could deepen if economic data continues to disappoint. The selloff has spread beyond tech, with financial and consumer discretionary sectors also taking significant hits. Some strategists are advising clients to brace for further turbulence as the Fed's tightening cycle accelerates.