- As investors examine the impact of increasing prices on earnings and the potential for monetary policy tightening on economic development, US stocks dropped the most in nearly two years. The dollar and treasuries both rose as haven bids increased.

- The S&P 500 fell 4% as a result of the selloff, with consumer stocks falling more than 6%. After cutting its earnings outlook owing to rising costs, Target plunged more than 20%, its worst drop since 1987. The downdraft affected stores ranging from Walmart to Macy's.

- The Nasdaq 100 index dropped the most among major benchmarks, falling more than 5% as growth-oriented tech sectors slumped. Apple and Amazon both dropped at least 5%.

- Treasury yields fell by as much as 11 basis points as yields on 10- and 30-year bonds increased. Except for the yen and the Swiss franc, the dollar climbed versus all of its G-10 competitors. In the move into havens, gold caught bids.

- The S&P 500 is recovering from its largest weekly decline since 2011, but any gains in risk sentiment remain fragile in the face of tightening monetary policy, Russia's war in Ukraine, and China's COVID lockdowns.

- Federal Reserve Chair Jerome Powell said on Tuesday that the US central bank will raise interest rates until there is "clear and persuasive" evidence that inflation is declining, in some of his most hawkish remarks to date. Chicago Fed President Charles Evans predicted a half-point rate hike at next month's meeting and "probably thereafter" on Wednesday.