As tech shares continue to remain the hardest hit, Nasdaq Composite index fell to its lowest level in two years|Ajay Suresh|CC BY 2.0

The Nasdaq composite index hit its lowest close since July 2020 Monday and closed 1.04% lower at 10,542.10 due to dwindling tech shares because of spiking interest rates.

Semiconductor stocks like Nvidia and AMD are also feeling the pinch as the Biden administration’s new rules limit exports to China.

Recession warning
The declines came as JPMorgan CEO Jamie Dimon warned that a US recession is a real possibility in 2023.

Runaway inflation, high interest rates, the Russian invasion of Ukraine and quantitative tightening are among indicators of a potential recession, said Dimon.

“These are very, very serious things which I think are likely to push the US and the world — I mean, Europe is already in recession — and they’re likely to put the US in some kind of recession six to nine months from now,” he said.