Tech shares hit hard as global stock markets face 'a wall of worry' on stagflation

US stocks declined as a sell-off in technology stocks resumed amid the threat of persistently high inflation. The S&P 500 fell more than 1% while the Nasdaq 100 fell more than 2%.

The losses were led by high-growth technology companies -- including Amazon and Facebook -- while vaccine makers were also lower on Merck's announcement about an effective Covid-19 drug. Energy stocks, meanwhile, were higher along with oil prices.