The Nasdaq plunged 4.7%! U.S. stocks sell off again, and the “panic mode” has not yet arrived?

U.S. stocks fell sharply on Wednesday, as the Fed's determination to fight inflation hit market sentiment. Multiple retailers have warned that rising cost pressures are having a huge impact on earnings. As of the close, the Dow fell 1164.52 points, or 3.57%, to 31490.07 points, the Nasdaq fell 4.73% to 11418.15 points, and the S&P 500 fell 4.04% to 3923.68 points. The Dow and S&P each recorded their biggest one-day declines since June 2020, and the VIX, the fear index, returned to the 30 mark.