20:23 GMT06 May 2021
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    The Dow Jones Industrial Average dropped more than 500 points on Tuesday, completely erasing gains previously made in 2018.

    The Dow dropped 551 points, and the S&P 500 and the Nasdaq Composite plunged by nearly 2 percent, according to reports.

    The lowering numbers come as US President Donald Trump fired shots at the Federal Reserve, stressing that he wants to see lower rates from the US central bank. "I think the rate's too high. I think we have much more of a Fed problem than we have a problem with anyone else," he said. "I think your tech stocks have some problems."

    Per CNBC, the Federal Reserve has previously raised rates three times in 2018, and is expected to increase them once more before year's end.

    Tuesday's decline also came just one day after the FAANG trade — Facebook, Apple, Amazon, Netflix, and Google — closed down more than 20 percent from record highs, raising concerns of the US tech sector entering a bear market.


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