Major stock markets in the United States recorded sharp losses on Wednesday, as Dow Jones Industrial Average recorded the biggest decline since June 2020, following inflation concerns. Investors also received a report on the country's housing starts revealing a decline in figures.

In addition to this, today's trading was impacted by Target Corp.'s surprising stock drop. Meanwhile, US Treasury confirmed Washington is discussing energy sanctions with the country's allies while the US President reiterated support for NATO expansion in the Nordic region.

The Dow Jones Industrial Average index was down by 3.56% or 1,160 points at the closing bell, as Walgreens Boots Alliance plunged 8.39%. The Nasdaq 100 decreased by 5.06% with Dollar Tree losing 14.42%, while S&P 500 declined by 4.03% with Target pulling the index down by 25%.

The euro was 0.84% lower compared to the dollar, going for $1.04629 at 4:05 pm ET.