Dow falls below 30,000 | The inflation indicator that shook the Fed | What to own in a recession

Stocks plummeted on Thursday.

VIEW IN BROWSER | SUBSCRIBE THU, JUN 16, 2022 EVENING BRIEF AS OF THU, JUN 16, 2022 • 04:54 ET DJIA 29927.07 -2.42% -741.46 S&P 500 3666.77 -3.25% -123.22 NASDAQ 10646.10 -4.08% -453.06 Most Active DOW NAME LAST CHG %CHG AAPL 130.06 -5.37 -3.97% INTC 37.34 -1.31 -3.39% MSFT 244.97 -6.79 -2.70% S&P 500 NAME LAST CHG %CHG AAPL 130.06 -5.37 -3.97% AMD 82.05 -7.25 -8.12% AMZN 103.66 -4.01 -3.72% NASDAQ NAME LAST CHG %CHG AAPL 130.06 -5.37 -3.97% AMD 82.05 -7.25 -8.12% AMZN 103.66 -4.01 -3.72% EDITOR'S NOTE Stocks plummeted on Thursday, ending Wednesday's short-lived rally on the brink of the Federal Reserve's 75 basis point interest rate hike.   All eyes were on the Dow Jones Industrial Average, which slumped 741 points and dropped below the 30,000 mark for the first time since January 2021 as investors worried that the Fed's hawkish approach to taming inflation could bring a recession.   All sectors of the S&P 500 ended the day with losses, leaving little room for investors to hide out as fears of a slowdown lingered.   Some investors searched for signs of hope in the market frenzy.   The indiscriminate selling rocking Wall Street may signal a bottom is ahead, said Ryan Detrick, chief market strategist at LPL Financial.   "One thing you want to see for a pure bottom is everything to get hit," he said. "That's a recipe that's needed for a real bottom to happen."   Since World War II, the average bear market without a recession typically bottomed around 24%, which is near where the S&P 500 ended Thursday's session, Detrick noted.   "We expect a very difficult summer, but ultimately we think the market is going to bottom before the real economy does and once the earnings really come down you can step back into this," said BNY Mellon Wealth Management's Alicia Levine Thursday on  CNBC's "Closing Bell: Overtime." Samantha Subin | Associate Markets Reporter @samantha_subin Watch our live stream for all you need to know to invest smarter. TOP NEWS  Dow sinks 700 points, dropping back below 30,000 to the lowest level in more than a year A day after Powell's assurances about the economy, markets are worried that 'the Fed breaks something' This inflation indicator shook the Fed and caused it to get more aggressive Airline stocks tumble as economic concerns overshadow travel surge A shallow recession is on the way, strategists warn. Here's how it could play out What to own during a recession: These stocks have a good track record during downturns There's no bottom in sight yet, says top chart analyst as the Dow breaks below 30,000 Here's what Elon Musk just told Twitter employees Cosmetics giant Revlon files for Chapter 11 bankruptcy protection Jan. 6 committee will invite Ginni Thomas, wife of Supreme Court justice, to testify on emails with Trump lawyer Eastman TOP VIDEO The Dow will fall even more if current trends continue, says Evercore's Rich Ross CNBC PRO Fed and other central banks experiencing a 'great awakening,' Allianz's Mohamed El-Erian says SPECIAL REPORTS College tuition bills are coming. Here are 3 ways to navigate them and give your 529 balance time to recover Amid record inflation, 36% of employees earning $100,000 or more say they are living paycheck to paycheck Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS