Dow dives more than 1,100 points on renewed inflation fears
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Stocks plummeted on Wall Street Wednesday, as poor results from retailers led to renewed fears that inflation could chill consumer spending and corporate profits.
The Dow Jones Industrial Average tumbled 1,164 points, or 3.6%, to close at 31,490. The S&P 500 lost 4% on its worst day since 2020, while the tech-heavy Nasdaq Composite fell 4.7%.
"The growth scare that hovers over the market intermittently has intensified as market participants are factoring in a deeper slowdown," Quincy Krosby, chief equity strategist for LPL Financial, said in a note.
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President Trump ordered the release of 172 million barrels of oil from the United States' Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
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Defense Secretary Pete Hegseth deemed artificial intelligence firm Anthropic a "supply chain risk to national security" on Friday, following days of increasingly heated public conflict over the company's effort to place guardrails on the Pentagon's use of its technology. Jo Ling Kent contributed to this report. In: