The Dow Jones fell 2.82% to 33,811.40 points. You will have to return on October 28, 2020 to find a more punitive session for the blue chip index.
The S&P 500 index fell to 2.77% at the end of the day, ending at 4,271.78 points, and the technical Nasdaq Composite fell 2.55% to 12,839.29 points. Both indices have not suffered a loss of this magnitude since March 7th.
U.S. equities were weighed down by weaker-than-expected earnings and / or disappointing downtrend forecasts, but also by input price data released by S&P Global, which showed the largest increase since it was released. The increase in these prices is due to a sharp rise in raw material, fuel, transportation and wage costs.
On the corporate side, Verizon Communications cut its earnings forecast for this year and its shares fell 5.79%, the biggest drop in two years, while American Express reported a sharp rise in costs in the first quarter as shares fell 2.8%.
Of the technology giants, Apple fell 2.78%, Amazon 2.66%, Google’s parent company Alphabet 4.15%, Facebook owner Meta withdrew 2.11% and Microsoft 2.41%.