The Dow has tumbled 1,000 points to its worst day since 2020

Previous gains on the US markets have been erased as inflation fears leave investors concerned.

US Treasury yields jumped and global equity markets tanked on Thursday, with many fearing aggressive central bank policies around the world will stunt growth.

Fears of a recession extinguished any gains in European markets despite Federal Reserve Chair Jerome Powell’s recent address.

The S&P 500 saw 97% of its companies moving lower, while theThe Nasdaq 100 was on track for one of its sharpest U-turns ever.

A selloff in long-end Treasuries pushed the 10-year yield above 3% and the dollar climbed.

Experts say the market is messy and it will remain volatile until there is a clear picture on Fed rate policy later this year.

Investors fear the Fed will be too aggressive with raising interest rates and may push the economy into a recession.