New York markets started the last session of the week with major losses after FedEx's warning the global economy could deteriorate in the coming quarter. FedEx stock plunged over 23% to mark the biggest drop since at least 1980, returning to lows last seen in January 2020.

Inflation concerns and the next week's presumably aggressive interest rate decision by the Federal Reserve also pushed the negative sentiment among investors.

The Dow Jones tumbled 1.09% or 335 points at the opening bell, while the Nasdaq 100 sank by 1.25% or 152 points and the S&P 500 declined by 0.98%. The euro lost 0.33% against the greenback to sell for 0.99682 at 9:28 am ET.