NEW YORK, New York – Stocks in the U.S. were sold off Tuesday as fears mounted over the state of the global economy with disappointing data out of Beijing and London.

U.S. bank stocks bore the brunt of the selling Tuesday.

Minneapolis Federal Reserve President Neel Kashkari was quoted as supporting “significantly further” capital regulation.

“Right now it seems like things are quite stable,” Kashkari said in a Tuesday town hall meeting. “The risk is that if inflation is not completely under control, and that we have to raise rates further from here, to bring it down, that they might face more losses than they currently face today. And these pressures could flare up again in the future.”

The S&P 500 index, a key indicator of the U.S. stock market, closed at 4,437.86, reflecting a drop of 51.86 points, which translates to a 1.16 percent decrease from the previous day’s closing value. The market witnessed a notable decline in this session, prompting investors to carefully assess their portfolios.

The Dow Jones Industrial Average (DJI) closed at 34,946.39, shedding 361.24 points or 1.02 percent. Market participants reacted to this downward movement, as the index experienced a significant pullback.

The technology-heavy NASDAQ Composite index concluded the day at 13,631.05, marking a decline of 157.28 points, or 1.14 percent. The tech sector faced substantial pressure, contributing to the overall downward trend in the markets.

Throughout the trading day, a total trading volume of 1.959 billion shares was recorded for the S&P 500, while the Dow Jones Industrial Average witnessed a trading volume of 319.078 million shares. The NASDAQ Composite registered a higher trading volume of 4.013 billion shares, indicating heightened activity in the tech-dominated index.

The volatility observed on Tuesday highlights the importance of staying informed about market trends and being prepared for various scenarios in the ever-changing landscape of the financial markets.

The U.S. dollar was steady to a touch firmer Tuesday as its safe-haven status kicked in following the steep losses on share markest.

The euro eased to 1.0904, reflecting a 0.01 percent decline, equivalent to a decrease of 0.0001 units.

In contrast, the Japanese yen (USD/JPY) pair registered a 0.03 percent decline, closing at 145.58, representing a loss of 0.040 units.

The Canadian dollar fell 0.28 percent rise, reaching 1.3498, a decline of 0.0038 units.

Moving to the British pound, it closed at 1.270, marking a 0.17 percent uptick, or an increase of 0.0021 units.

The Australian dollar faced a 0.47 percent drop, finishing around 0.64560 reflecting a decrease of 0.0030 units.

Similarly, the New Zealand dollar closed with a 0.34 percent decrease, ending at 0.5953, indicating a loss of value by 0.0020 units.

In a day marked by fluctuating investor sentiment, the world stock markets closed with a mixture of gains and losses on Tuesday. Despite ongoing economic uncertainties, some indices managed to post modest gains, while others were met with declines.

In Canada, the S&P/TSX Composite index reported a substantial loss, closing at 19,899.79, down 390.75 points or 1.93 percent. The Canadian stock market mirrored the global trend of declines, as investors grappled with uncertainties in various sectors. The S&P/TSX Composite index of Canada had a trading volume of 216.046 million shares.

In the United Kingdom, the FTSE 100 index closed at 7,389.64, down 117.51 points, indicating a 1.57 percent decrease from the previous day.

The ESTX 50 PR.EUR index of the Eurozone dropped by 0.96 percent, closing at 4,288.57 points, while the Euronext 100 Index experienced a 0.80 percent decline, reaching 1,354.34 points.

The DAX PERFORMANCE-INDEX in Germany saw a 0.86 percent decline, with the index finishing at 15,767.28 after dropping 136.97 points.

Similarly, the CAC 40 index experienced a 1.10 percent drop, ending the day at 7,267.70 after losing 81.14 points.

In Belgium, the BEL 20 index finished at 3,672.40 points after a decrease of 0.40 percent.

In Russia, the MOEX Russia Index ended the day at 2,222.51 points, down 0.19 percent from the previous session.

On a more positive note, in Asia the Nikkei 225 index in Tokyo saw a 0.56 percent increase, reaching 32,238.89 points, up 178.98 points from the previous session.

Meanwhile, the HANG SENG INDEX recorded a decline of 1.03 percent, closing at 18,581.11 points after a loss of 192.44 points.

The SSE Composite Index of China dipped slightly by 0.07 percent, finishing at 3,176.18 points, while the Shenzhen Index experienced a 0.70 percent decline, reaching 10,679.73 points.

The S&P/ASX 200 index in Australia posted a gain of 0.38 percent, reaching 7,305.00 points, while the Australian ALL ORDINARIES index posted a gain of 0.36 percent, closing at 7,520.40 points.

Across the Tasman, the S&P/NZX 50 INDEX GROSS in New Zealand saw a slight 0.05 percent decrease, ending at 11,820.74 points.

The STI Index of Singapore also saw a decline, losing 0.46 percent to close at 3,232.74 points.

The Indian market displayed a modest uptick as the S&P BSE SENSEX closed with a 0.12 percent gain, reaching 65,401.92 points. The NIFTY 50 index in India meantime closed with a minimal gain of 0.03 percent, reaching 19,434.55 points.

Meanwhile, the IDX COMPOSITE of Indonesia showed a 0.07 percent increase, closing at 6,915.10 points.

The FTSE Bursa Malaysia KLCI index gained 0.23 percent, finishing at 1,460.28 points.

The KOSPI Composite Index of South Korea dropped by 0.79 percent, closing at 2,570.87 points.

The TSEC weighted index of Taiwan experienced a gain of 0.37 percent, reaching 16,454.80 points.

In the Middle East, the TA-125 index in Israel finished with a 0.12 percent decline, reaching 1,871.27 points, while the EGX 30 Price Return Index of Egypt gained 0.38 percent, closing at 17,965.30 points.

In Africa, the Top 40 USD Net TRI Index in South Africa closed with a 1.15 percent decrease, finishing at 3,933.36 points.