Stocks extend their losing streak a third day, Dow closes down 300 points; European markets close lower on hawkish ECB comments, recession fears 
Stocks fell for a third day on Tuesday, jeopardizing a summer comeback rally, as the Federal Reserve and other global central bankers continued to signal they will raise interest rates to squash inflation despite the negative consequences for economic growth and, potentially, corporate profits. 
The S&P 500 fell 1.1% to 3,986.16, dropping below the 4,000 level for the first time since July. The Nasdaq Composite lost 1.1%, to close at 11,883.14. Meanwhile, the Dow Jones Industrial Average slid 308.12 points, or nearly 1%, to 31,790.87. 
Social media company Snap is planning to lay off 20% of its staff, according to a report from The Verge. 
In July, Snap beat expectations for its second quarter, but it still reported a net loss and media companies have become increasingly worried about a slowdown in the advertising market. 

The pan-European Stoxx 600 closed down by 0.7% provisionally, having initially climbed about 0.8% in early trade Basic resources stocks slumped 3% to lead the losses with most sectors and major bourses dipping into negative territory. 
It comes after European Central Bank policymaker Madis Muller said the central bank should consider a 75-basis-point rate hike in September to tackle sky-high inflation, adding to a chorus of hawkish commentary from central bankers in recent days. 
Source: CNBC, Investing.com