The US stock markets fell heavily for the second consecutive day on Wednesday as investors review the latest corporate earnings and prepare for higher interest rates.

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Led by technology stocks, major Wall Street indices - S&P 500, Nasdaq, and Dow Jones - all set new lows for the year. Apple Inc share fell 2.1 percent to 166.23, while chipmaker Qualcomm shed 3.57 percent to 172.47 on the Nasdaq.

US stock markets closing on Wednesday:

The S&P 500 fell 44.35 points, or 1%, to 4,532.76.

The Dow Jones Industrial Average fell 339.82 points, or 1%, to 35,028.65.

The Nasdaq fell 166.64 points, or 1.2%, to 14,340.26.

The Russell 2000 index of smaller companies fell 33.44 points, or 1.6%, to 2,062.78.

US stock markets for the week:

The S&P 500 is down 130.09 points, or 2.8%.

The Dow is down 883.16 points, or 2.5%.

The Nasdaq is down 553.50 points, or 3.7%.

The Russell 2000 is down 99.67 points, or 4.6%.

US stock markets for the year:

The S&P 500 is down 233.42 points, or 4.9%.

The Dow is down 1,309.65 points, or 3.6%.

The Nasdaq is down 1,304.72 points, or 8.3%.

The Russell 2000 is down 182.53 points, or 8.1%.

-With agency inputs