Nasdaq loses nearly 4%, hits fresh low for 2022; European markets close lower as tech and bank stocks slide; HSBC down 5% 
U.S. stocks fell sharply on Tuesday with shares selling off into the close, as investors dumped equities on fears of an economic slowdown. 
The tech-heavy Nasdaq Composite dropped 3.95% and hit a fresh 52-week low to close at 12,490.74. The index retreated further into bear market territory, sitting now about 23% off its high. The Dow Jones Industrial Average shed 809.28 points, or 2.4%, to 33,240.18. The S&P 500 lost 2.8% at 4,175.20. 
Worries about the global economy loomed. Investors are worried about a Covid surge in China. Regarding the war in Ukraine, a top Russian official said the threat of nuclear war is real. Plus, high inflation in the U.S. is denting demand for goods from houses to sneakers. 
Tesla, which has a factory in Shanghai and counts China as a major market for its electric vehicles, was the biggest laggard on the Nasdaq Composite, closing down about 12.2%. The shares also came under pressure as its CEO and founder, Elon Musk, looked to close his proposed deal to buy Twitter for $44 billion. 
Industrial names like General Electric and Boeing were lower Tuesday. GE fell 10.3%, while Boeing eased 5%. GE warned that its 2022 outlook was “trending toward the low end of the range.” 
European stocks closed lower on Tuesday, taking cues from Wall Street, as market sentiment continues to be rattled by interest rates, inflation, slowing growth and the war in Ukraine. 

The pan-European Stoxx 600 index closed down 0.8% after being higher for much of the session. Banks, tech and autos were the laggards across the region. 
Shares of UBS finished flat after the Swiss bank’s latest earnings beat expectations for the first quarter. Meanwhile, HSBC stock fell 5% after the bank reported a 27% fall in quarterly profit on Tuesday, as revenues decreased and growth slowed in Hong Kong. 
Novartis saw its share price rise 0.3% after the Swiss drugmaker reported a slight increase in first-quarter core operating income. 
Source: CNBC, Investing.com