Wall Street tumbles on growing concerns over economic growth

S&P 500 index back at near two-year lows; airlines, cruises fall on cancellations due to Hurricane Ian; CarMax slumps on missing second-quarter expectations

Wall Street tumbled on Thursday on worries of a global economic downturn from aggressive central bank policy and fears that a rout in global currency and debt markets could spillover to stocks.

The Nasdaq fell 3% due to losses in megacap growth names such as Amazon.com Inc, Apple Inc, Microsoft Corp, Meta Platforms Inc and Tesla Inc . They were down between 3.09% and 6.25%.

The S&P 500 slipped to its lowest level since November 30, 2020, and was now set for a monthly decline of nearly 8%.

The benchmark index had recorded its first gain in seven sessions on Wednesday on easing