Due to the poor performance of many U.S. retail giants and the bleak prospect of economic growth, the three major stock indexes of the New York stock market opened low on the 18th, and at the close, the three major stock indexes of the New York stock market fell more than 3.5%. On the same day, the Dow Jones Industrial Average fell 1164.52 points to 31490.07 points, or 3.57%, compared with the previous trading day; The standard & Poor's 500 stock index fell 165.17 points, or 4.04%, to 3923.68; The Nasdaq composite index fell 566.37 points, or 4.73%, to 11418.15. In terms of sectors, all sectors of the S & P 500 index fell across the board, with non essential consumer goods and essential consumer goods falling 6.6% and 6.38% respectively. On the same day, the stock prices of retail brands such as Amazon, target, Wal Mart, best buy and Macy's department store all fell significantly. Quincy Crosby, chief market strategist of Prudential Financial Group, said that the labor and supply chain costs of retail enterprises increased significantly. Investors were worried about enterprise performance, and there was a large-scale sell-off in the market that day. Meanwhile, the market is still worried about the tightening of monetary policy by the Federal Reserve and the possibility that the United States may not achieve a "soft landing" of the economy. US Federal Reserve Chairman Powell recently reiterated his determination to control inflation. The market is worried that the Fed's interest rate hike may bring economic pain. Wells Fargo's Investment Research Institute lowered its U.S. economic growth forecast for this year from 2.2% to 1.5%, and lowered the target point of the S & P 500 index from 4500 to 4700 to 4200 to 4400 at the end of this year. David Solomon, chairman and CEO of Goldman Sachs Group, said that the probability of a recession in the U.S. economy in a year or two is 30%. Goldman Sachs believes that if there is a recession in the US economy, the S & P 500 index will fall to 3600. (Xinhua News Agency)