S&P 500 falls 1% as investors gauge chances of economic slowdown; European markets close lower ahead of ECB decision, U.S. inflation data; European markets close lower as ECB confirms rate hike plans: Stoxx 600 falls 1.3% 
Stocks fell on Thursday as investors monitored the health of the economy ahead of a key inflation report. 
The Dow Jones Industrial Average fell 540 points, or 1.6%. The S&P 500 dipped 2%, and the Nasdaq Composite shed 2.3%. 
Casino stocks were some of the worst performers in the S&P 500, with Las Vegas Sands falling 4.5% and Caesars Entertainment sliding 2.9%. Chinese tech stocks reversed recent gains and dragged on the Nasdaq, with Pinduoduo sinking more than 10.3%. 
Some major tech stocks also struggled, with Meta Platforms sliding nearly 4% and Amazon dropping 2.3%. Boeing was the worst performer in the Dow, falling more than 3%. 
The slide for stocks comes ahead of the May consumer price index report on Friday. Investors are looking to see if inflation has peaked or if the Federal Reserve will need to be even more aggressive to tamp down price increases. 
Elsewhere, shares of Target were little changed after the company announced a dividend hike. The payout raise comes after a disappointing first quarter and a profit warning for the second quarter from the retail giant. 

The pan-European Stoxx 600 closed down 1.3% following the decision. Tech stocks fell 2.3% to lead losses as all sectors and major bourses slid into negative territory. 
Following its latest monetary policy meeting, the Governing Council announced that it intends to raise its key interest rates by 25 basis points at its July meeting, and expects a further hike at the September meeting, the scale of which will be dependent on how the medium-term inflation outlook shapes up. 
In terms of individual share price movement, French utility EDF climbed more than 7% to lead the Stoxx 600 after a report suggested the government was considering nationalizing the company. 
Source: CNBC, Investing.com