The Dow Jones industrial average plummeted more than 1,100 points Wednesday to post its worst daily loss since June 2020.

The blue-chip index lost 1,164.5 points, or 3.57%, to close at 31,490. The S&P 500 dove 161.4 points, or 3.95%, to 3,927 in its biggest drop since June 2020.

Tech-heavy Nasdaq fell 566.4 points, or 4.73%, to end at 11,418.

The sell-off came as major retailers Walmart and Target warned of rising costs to their balance sheets, raising investors’ fears about high inflation.

The yield on 10-year US Treasury notes slipped 2.65% to 2.891%.

The dollar index rose 0.52% to 103.945, while the VIX volatility index, known as the fear index, jumped 18.68% to 30.97.

Precious metals declined, with gold losing 0.27% to $1,814 and silver losing 1.59% to $21.40.

Crude oil prices lost more than 2%.

Global oil benchmark Brent crude was trading at $109.31 per barrel, down 2.34%, while US benchmark West Texas Intermediate (WTI) lost 2.47% to $106.92 per barrel.

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