Dow slumps more than 1,100 points in worst loss since June 2020

ANKARA

The Dow Jones industrial average plummeted more than 1,100 points Wednesday to post its worst daily loss since June 2020.

The blue-chip index lost 1,164.5 points, or 3.57%, to close at 31,490. The S&P 500 dove 161.4 points, or 3.95%, to 3,927 in its biggest drop since June 2020.

Tech-heavy Nasdaq fell 566.4 points, or 4.73%, to end at 11,418.

The sell-off came as major retailers Walmart and Target warned of rising costs to their balance sheets, raising investors' fears about high inflation.

The yield on 10-year US Treasury notes slipped 2.65% to 2.891%.

The dollar index rose 0.52% to 103.945, while the VIX volatility index, known as the fear index, jumped 18.68% to 30.97.

Precious metals declined, with gold losing 0.27% to $1,814 and silver losing 1.59% to $21.40.

Crude oil prices lost more than 2%.

Global oil benchmark Brent crude was trading at $109.31 per barrel, down 2.34%, while US benchmark West Texas Intermediate (WTI) lost 2.47% to $106.92 per barrel.