Tech Stocks Plunge on Profit-Taking, Fed Rate Hike Fears; US Markets Tumble
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U.S. stocks tumbled on June 5 as selling pressure emerged in technology stocks following a recent surge driven by the AI investment boom, compounded by concerns that the Federal Reserve might raise interest rates. The Dow Jones Industrial Average fell 695.15 points, the Nasdaq dropped 1,121.53 points, and the Philadelphia Semiconductor Index suffered the heaviest loss, plunging 10.26%.