Power Breakfast: Biggest Single Day Drop In US Since June As Inflation, Recession Worries Dominate The Market

Ahead of the Jackson Hole meeting, there was heavy selling in the US markets. Yesterday, the US market dropped 2 to 2.5 percent under selling pressure. The Dow Jones fell by 643 points and the Nasdaq declined by 324 points. Worries of inflation and recession dominated the market. SGX Nifty is trading near 17450, down about 50 points. While the Nikkei dropped 350 points. The price of natural gas reached the highest level. There has been a surge in fears of a supply shortage from Russia.