Wall Street drops as tech stocks take a beating

The tech-heavy Nasdaq index in the US saw sharp declines as internet stocks faltered for a second day on concerns about increased regulation, while chipmaker stocks slid on signs of flagging demand.

Facebook and Twitter executives had defended their companies before sceptical US lawmakers earlier in the week and the US Department of Justice said it would discuss, at a meeting on September 25, concerns that social media platforms are “intentionally stifling the free exchange of ideas”.