The "outrageous" inflation rate and poor financial reports once again scared the U.S. stock market.

  On May 18, local time, US stocks opened lower collectively. The Nasdaq opened down 1.5%, the S&P fell 1.1%, and the Dow fell 0.8%. Then US stocks staged a "frenzy" throughout the day.

As of the close, the Dow plummeted 1164.52 points, closing down 3.57%, the largest one-day drop since June 11, 2020; the S&P 500 closed down 165.17 points, or 4.04%, at 3923.68 points, a record in June 2020 biggest one-day drop since.

The Nasdaq 100 closed down 5.06 percent at 11,928.31, its biggest drop since May 5.

  Star technology stocks fell sharply, "Metaverse" Meta fell more than 5%, Amazon and Netflix fell more than 7%, Apple fell 5.6%, the lowest since the beginning of October last year; Microsoft fell 4.6%, Google's parent company Alphabet fell nearly 4% %, Tesla fell nearly 7%, approaching the integer mark of $700 per share, the lowest since last August.

  In addition, the computer network equipment manufacturing giant Cisco expects revenue to decline in the second quarter of 2022, and analysts expect growth, and its stock price plummets 20% after the market.

  U.S. chip stocks also fell collectively. The Philadelphia Semiconductor Index fell by more than 5% and fell below 3,000 points. Intel fell by 4.6%, the lowest since October 2017; AMD fell by more than 6%, and Nvidia fell by nearly 7%, taking back gains in the week.

  Retail giants have also suffered a collective setback. Affected by the "explosion" of financial reports, Target, the second largest retail department store group in the United States, plunged more than 25% in its first quarterly report, the worst since "Black Monday" in October 1987; the first in the United States Walmart, a big retailer, also fell by nearly 7%, hitting its lowest level since July 2020; cheap department store Dollar Tree fell by more than 14%, Costco fell by more than 12%, and Dollar General, a cheap department store favored by Buffett, fell by more than 11% %, 3C retailers Best Buy BestBuy, Macy's fell more than 10%, Kohl's fell more than 11%, and home improvement retail giant Lowe's fell more than 5%.

  Popular Chinese concept stocks also followed the U.S. stock market and suffered a correction, with the Nasdaq Golden Dragon China Index (HXC) down 2.5%.

Among the four Nasdaq 100 constituents, Jingdong fell 4.6%, Baidu fell 3.7%, Pinduoduo fell nearly 4%, and NetEase fell more than 1%.

In addition, Alibaba fell by more than 5%, Tencent ADR fell by nearly 7%, net profit in the first quarter fell by 51% year-on-year to 23.4 billion yuan, Station B fell by nearly 2%, Weilai fell by 4.6%, Xiaopeng Motors fell by 3.8%, Ideal Auto fell 1.4%.

  The turmoil in the U.S. stock market is still closely related to the Fed’s interest rate hike expectations.

Following Fed Chairman Powell's "hawking", Chicago Fed President Evans also supported hawkish actions, suggesting that the FOMC will raise interest rates by 50 basis points at least in June, reiterating his hope that the interest rate will be close to neutral by the end of the year.

In addition, next year's voting committee and Philadelphia Fed President Harker also echoed Powell's remarks and said that he expects to raise interest rates by 50 basis points in June and July.