Wall Street Opens Sharply Lower on Recession Worries

A Wall Street sign outside the New York Stock Exchange in the Manhattan borough of New York on April 16, 2021. Carlo Allegri/Reuters

U.S. stock indexes opened sharply lower on Thursday, with growth shares taking the biggest hit, after the Federal Reserve’s biggest interest rate hike since 1994 fanned recession worries.

The Dow Jones Industrial Average fell 362.79 points, or 1.18 percent, at the open to 30,305.74. The S&P 500 opened lower by 61.81 points, or 1.63 percent, at 3,728.18, while the Nasdaq Composite dropped 293.13 points, or 2.64 percent, to 10,806.02 at the opening bell.