Major stock indices in the United States were down in the premarket on Wednesday as recession fears persist despite the White House's assertion that the country is not experiencing an economic slowdown.
The United States Federal Reserve Chair Jerome Powell will deliver remarks on the decision to raise the federal funds by 75 basis points, as central banks' interest rate hikes and rising inflation have led to a significant worsening of the global macroeconomic outlook.
Dow Jones Industrial Average plunged 482 points or 1.58% at 4:10 am ET. The Nasdaq 100 nosedived over 230 points or 2.01% at 4:11 am ET, and the S&P 500 dropped 1.75% a minute later.
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