March 8 news, U. S. time on Tuesday, U. S. stocks closed across the main stock index fell sharply. In his testimony to Congress, Federal Reserve Chairman Colin Powell sent a tough message, saying that the Fed does not rule out speeding up the pace of raising interest rates in order to curb stubborn inflation.

The Dow closed at 32856.46.Down 574.98 points, or 1.72%.The S & P 500 index closed at 3986.37A decrease of 1.53%A decrease of 1.53%A decrease of 1.25%。

Large technology stocks generally fell, with apple, Google, Microsoft and Netflix all down more than 1%.

Chip leading stocks generally fell, with Qualcomm and Micron down more than 2%, and Nvidia, Intel and Broadcom down more than 1%.

Hot stocks of new energy vehicles generally fell, with Tesla down 3.15% and Faraday down 14.54%, Faraday down 5.29%, Weilai down 3.65%, Xiaopeng down 7.90%, and ideal down 5.64%.

Among the leading e-commerce stocks, Alibaba is down 0.99%, JD.com is down 2.82%, and pinduoduo is down 0.12%.

Among other popular Chinese stocks, New Oriental fell 8.31%, Zhihu 7.84%, bilibili 4.99%, Baidu 4.60% Boss, Auto Home 2.96%, Ctrip 2.80% and Manbang 0.49%.

Specifically, The major technology stocks in US stocks performed as follows:

The major chip stocks in US stocks performed as follows:

The performances of the hot US-listed Chinese stocks are as follows:

"the latest economic data are stronger than expected, indicating that final interest rates may be higher than previously expected," Federal Reserve Chairman Colin Powell said at a hearing before the Senate Banking Committee on Tuesday morning. If all the data show that accelerated tightening is necessary, we will be prepared to speed up the pace of interest rate hikes. "

In February, the Fed raised the federal funds rate by 25 basis points, down from 50 basis points in December and 75 basis points four times last year. However, Mr Powell's testimony before Congress on Tuesday suggested that the Fed might consider readjusting interest rate increases to 50 basis points at its next policy meeting from March 21 to 22.

After Mr Powell's hawkish comments, federal fund futures traders are more than 70 per cent likely to raise interest rates by 50 basis points in March, according to the latest survey by CME's Federal Reserve Watch (FedWatch) tool. On the last trading day, traders thought there was only a 30% chance that the fed would raise interest rates by 0.5%, up from 3.3% a month ago. If interest rates were raised by 50 basis points, the Fed's federal funds rate target would reach a range of 5 per cent and 5.25 per cent.

Strong US employment and inflation data in January led some investors to bet that the federal funds rate would eventually be around 5.5 per cent, or even as high as 6 per cent, higher than the 5.25 per cent range average expected by the Federal Open Market Committee (FOMC) in December last year. The renewed bet led to a rise in Treasury yields and a sharp sell-off in the stock market last month.

Brad Conger, deputy chief investment officer of Hirtle Callaghan, an investment firm, said Fed officials were playing "a game of changing goals", adding that since inflation did not respond as they expected, the only option was to impose stricter lending conditions "and then see what happens".

The yield on policy-sensitive two-year Treasuries closed at 5.014% on Tuesday afternoon, the highest level since June 2007.

The ICE dollar index, which measures the strength of the dollar against a basket of currencies, rose 1.22 per cent to 105.63, its highest level since December.