Growth worries, Chinese tech rout drag Wall Street lower

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Growth worries, Chinese tech rout drag Wall Street lower
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Wall Street's main indexes fell sharply on Thursday as the spread of the COVID-19 Delta variant cast doubts over an economic recovery, while a rout in Chinese tech stocks appeared to have spilled across markets.

Investors globally turned wary of risk. Equities fell and bond prices rallied on worries about Beijing's crackdown on foreign-listed Chinese firms and a sustained global economic recovery., which has been at the center of a selloff after its app was taken down by Beijing, fell 6%.

"What you saw with Didi this week really spooked investors because you have a concern now...that we don't know what the regulatory proposals are going to look like," said Thomas Hayes, chairman of Great Hill Capital LLC in New York.

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