Global stocks fell sharply amid investor worries that a strengthening U.S. economy may prompt the Federal Reserve to raise interest rates at a faster-than-expected pace. Signs of inflationary pressures sparked a rapid sell-off in late January and early February, resulting in the first correction, or 10% loss, for U.S. stocks since early 2016.
All sectors posted losses, weighed down by steep declines in energy, consumer staples and real estate stocks. Information technology stocks fared better as major bellwethers such as Apple and Netflix bounced back quickly. Industrials, health care and utilities stocks fell roughly in line with the overall market.