Stock market today: Dow falls 1,000 points as recession fears fuel calls for interest rate cut

The major stock indexes in the U.S. fell more than 2% in early trading. The S&P 500 fell about 4%, while the tech-heavy Nasdaq dropped more than 6%. The Dow Jones Industrial Average fell roughly 1,000 points, or nearly 3%.

"Investors are feeling massive pain globally," Dan Ives, a managing director of equity research at investment firm Wedbush, said in a note to clients. U.S. markets, he added, are "trading heavy in the red across the board."

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