All three major US stock indexes closed sharply lower, with plunging chip stocks dragging the tech-laden Nasdaq down by its largest one-day percentage loss since last year.

Wall Street closed lower as Middle East tensions and rising oil prices triggered inflation concerns and profit booking. Financials and tech stocks led declines, though chipmakers…

The Dow Jones Industrial Average fell 1.21 per cent, to 50,687.07 while the S&P 500 lost 0.74 per cent, to 7,553.72. Read more at straitstimes.com. Read more at straitstimes.com.