The sell-off in US tech stocks intensifies as rate cut expectations are dampened, increasing market panic.

Jinse Finance reported that on Friday during the US trading session, a sell-off led by technology stocks deepened in the US stock market, with major benchmark indices breaking below support levels as concerns grew that the Federal Reserve might not cut rates at its next meeting. The S&P 500 index opened 0.8% lower on Friday, continuing the tech-led plunge and falling below its 50-day moving average. The sell-off in technology stocks also dragged down the Nasdaq 100 index, which opened down 1%. The blue-chip Dow Jones Industrial Average dropped 1.1%. The Chicago Board Options Exchange Volatility Index climbed above 22. Brian Jacobsen, Chief Economist at Annex Wealth, said: "There is always something for the market to worry about. Currently, concerns about the Federal Reserve pausing action in December have replaced worries about a prolonged government shutdown. Although the government has reopened, economic data remains in a 'dark' state, which will take more time to resolve. This is also part of the reason why the stock market has been correcting and trying to find its footing."