Live news: Yen falls below ¥154 for first time since 1990

The benchmark S&P 500 slipped 1.2 per cent, with 85 per cent of stocks falling. The Nasdaq Composite lost 1.8 per cent as every Magnificent Seven tech stock fell. The small-cap focused Russell 2000 fell 1.4 per cent.

The Vix — A closely watched gauge of US stock market volatility — closed at its highest level since October 30 as traders worried that persistent inflation may interfere with the Federal Reserve’s plan to cut interest rates this year.

The dollar rose for the fifth day in a row, adding 0.2 per cent against six of its peers. Gold rose 1.7 per cent to $2,383.19, on track for a fresh closing high.