The Dow Jones Industrial Average tumbled below the key 30,000 level on Thursday, falling 758 points intraday, as investors worried the Federal Reserve’s more aggressive approach toward inflation would bring the economy into a recession. Home Depot, Intel, Walgreens, JPMorgan, 3M, and American Express hit new 52-week lows amid growing recession fears while tech shares dropped after a bounce on Wednesday. Tesla, PayPal, Nvidia, Amazon and Netflix all slipped more than 3 per cent. Travel stocks including United, Delta and Carnival also took a leg lower. Revlon filed for Chapter 11 bankruptcy as the supply-chain crunch proved the tipping point for the debt-laden cosmetics giant.
The Dow had rallied on Wednesday after the Fed Chairman Jerome Powell announced its largest rate