Wall St tumbles again

uS SToCKS suffered big losses as fears mounted over inflation and supply chain disruption.

The tech-heavy Nasdaq index tumbled by 4.7pc in New York while the S&P 500 sank 4pc and the Dow Jones lost 3.6pc.

The mood on Wall Street turned increasingly sour after uS retail giant Target warned profit margins would be hit by higher wage, fuel and freight costs.

That sent its shares plunging by more than 25pc to their lowest level in over a year, and came a day after fellow retail titan Walmart cut its earnings guidance as a result of soaring inflation.

Sentiment has not been helped by the world’s major central banks hiking interest rates.