STORY: Wall Street sank Thursday on renewed fears the Federal Reserve's aggressive fight against inflation could hobble the U.S. economy, and as investors fretted about a rout in foreign currencies and global debt markets, after a brief respite provided by the Bank of England's emergency intervention a day earlier wore off.

The Dow dropped a percent and a half. The S&P 500 fell more than 2%, while the Nasdaq lost 2.8%, sinking to near its lowest level of 2022, set in mid-June.

Liz Miller is president of Summit Place Financial Advisors.

“Just as U.S. investors are completely comfortable with the Fed's strategy, there is now this concern that the rest of the world is not following on. So, it's a real concern about the resolve of European central banks to fight inflation, and particularly the U.K. and what that, how that might spread to others.”

Heavyweights Apple and Nvidia both lost more than 4% amid a rout in tech stocks.

Meta Platforms ended lower after Bloomberg reported the Facebook-owner froze hiring and warned employees of more downsizing to come.

Shares of CarMax slumped after the used-car retailer missed expectations for second-quarter results, hurt by consumers cutting spending amid inflation, rising interest rates and higher car prices.

Meanwhile, shares of automakers GM, Ford and the most valuable car company Tesla all tumbled Thursday.

And airlines fell on canceled or delayed trips after Hurricane Ian hit Florida's Gulf Coast with catastrophic force, with American, United and Delta each losing about 3% or more.