Dow Jones falls in worst day since Sep. 2022 after shedding over 1,000 points

US stocks fell on Aug. 5, extending losses amid fears of a US economic recession and concerns that the Federal Reserve will delay intervention to support the economy by cutting interest rates.

The Dow Jones Industrial Average shed 1,033 points, or 2.60%, closing at 38,703 points, to record the worst daily performance since Sept. 13, 2022, when the index dropped 1,276 points.

Likewise, S&P 500 dipped 3%, or 160 points, to end at 5,186 points, while Nasdaq Composite plunged 3.45%, or 576 points, to finish at 16,200 points.

Elsewhere, STOXX Europe 600 closed 2.15% lower at 487 points, the lowest since Feb. 14 (485.24 points).

Germany’s DAX 40 Index shed 1.8% to 17,339 points, with FTSE 100 tumbling 2% to 8,008 points. The CAC 40 Index lost nearly 1.4% to end at 7,148 points.

In Japan, Nikkei decreased by 12.4%, or 4,451 points, to 31,458 points, recording its highest loss ever. TOPIX also dived 12.25%, or 310 points, to 2,227 points.

In the oil market, futures for benchmark Brent crude for October delivery fell by 0.65%, or 51 cents, to $76.30 a barrel.

Meanwhile, the price of US WTI crude for September delivery eased 0.8%, or 58 cents, to $72.94 a barrel, the lowest since Feb. 5.

As for gold, December futures prices dropped 1%, or $25.4, to $2,444.4 per ounce.