The Dow Jones Industrials lost 256.16 points, or 3.6%, to start Thursday at 31,233.91, a day after it experienced the biggest one-day drop since 2020.
The S&P 500 lost 13.22 points to 3,910.46. It also sits a little more than 19% below its record closing level. A close of 20% or more below its all-time high would mark a bear market, its first since the March 2020 pandemic selloff.
The NASDAQ Composite however, gained 39.39 points to 11,457.55.
Cisco was the latest major company to plunge on results with the tech bellwether down 10% Thursday. Cisco said after the bell Wednesday that quarterly revenue fell short of analysts expectations and it warned revenue would disappoint in the current quarter.
Shares of Kohl’s dropped 5% after the retailer posted a big earnings miss and cut its profit and sales outlook. Just like Walmart and Target, the retailer cited rising inflation pressures.
Stocks have been under pressure all year with investors first pivoting away from highly-valued tech stocks with little profits. But the selloff has since spread to more sectors of the economy, including banks and retail, as growing fears of a recession spooked investors.
Treasury prices gained ground, lowering yields to 2.82% from Wednesday’s 2.88%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.25 at $108.34 U.S. a barrel.
Gold prices recovered $22.20 to $1,838.10 U.S. an ounce.