At the close of trade, the Dow Jones Industrial Average index tumbled by 638.11 points, or 1.94%, to 32,272.79. The S&P500 index fell by 97.75 points, or 2.38%, to 4,017.82. The tech-heavy Nasdaq Composite Index dropped 322.05 points, or 2.75%, to 11,754.23.
All 11 major S&P sectors ended the session red, with communication services (down 2.75%), information services (down 2.72%), financials (down 2.61%), materials (down 2.72%), and energy (down 2.3%) issues suffered the largest percentage losses.
Investors have worried that rising inflation could have an impact on the outlook for monetary policy ahead of the Federal Reserve's decision on interest rates next Wednesday.
ECONOMIC NEWS: The Labor Department latest report showed first-time claims for U.S. unemployment benefits rose to 229,000, an increase of 27,000 from the previous week's revised level of 202,000.
Among Indian ADR, WNS Holdings fell 2.78% to $72.68, Azure Power Global dropped 4.2% to $14.56, Tata Motors fell 2.65% to $27.15, and INFOSYS sank 1.46% to $18.18. Wipro fell 1.34% to $5.89, ICICI Bank fell 1.4% to $18.45, and HDFC Bank fell 1.16% to $58. Dr Reddy's Labs added 1.37% to $54.81.
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