Global stocks slide as tech and chip shares sink on Fed rate-hike bets

Global equities fell on Tuesday, with the Nasdaq down 1.6% and the S&P 500 off 1% as chip stocks slid 7%. Markets positioned for a more aggressive Federal Reserve response to inflation, pushing the 2-year U.S. Treasury yield to a 16-month high and leaving money markets close to fully pricing a rate hike by September. Oil held below $80 a barrel after a temporary waiver on Iran sanctions eased supply worries, while the yen hovered near 40-year lows and gold fell 1.5%.