(MENAFN) The Dow Jones lost more than 600 points and US shares started worse on Monday as peak inflation fuels worries that the Federal Reserve might become more aggressive in rate hikes.
The blue-chip index was decreased 630 points, or 2 percent, to 30,762 at 9.50 AM EDT after recording its worst weekly performance last week since the start of the year.
The S&P 500 dropped 97, or 2.5 percent, to 3,802 as it tried the bear market territory.
The tech-heavy Nasdaq fell 350 points, or 3.1 percent, to 10,988.
The VIX volatility index, also identified as the fear index, climbed 17.7 percent to 32.66 with stockholders' concerns that the Fed's greater interest rates could cause decline in the US economy.
While Fed officials are eager for a soft landing – a procedure in which a central bank increases rates to face high inflation and causes a financial stoppage but dodges a collapse – its aggressive monetary narrowing has caused chaos in markets.
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.