Dow plunges more than 1,200 points amid fears of U.S. economic slowdown

Stocks in the U.S. plunged for a third consecutive trading day, with the Dow Jones Industrial Average tumbling more than 1,200 points, amid growing fears of an economic downturn sparked by a sharp slowdown in hiring and weakening consumer spending. 

The S&P 500 slid 199 points, or 3.7%, to 5,148 as markets opened, while the tech-heavy Nasdaq Composite sank 4.6%. Investors are fleeing the Big Tech names that until recently had powered the U.S. market higher: Apple and Meta both fell about 5% in early trading, while chipmaker Nvidia tumbled 10%.

The Dow Jones Industrial Average tumbled 1,238 points in early trade and remained down more than 1,000 points, or 2.4%, as of 11:05 a.m. Eastern Time.