At the close of trade, the Dow Jones Industrial Average index dropped 329.60 points, or 1.11%, to 29,260.81. The S&P500 index declined 38.19 points, or 1.03%, to 3,655.04. The tech-heavy Nasdaq Composite Index fell 65 points, or 0.6%, to 10,802.92.

Total ten of 11 S&P 500s sector indexes fell, led by 2.6% drops in real estate and energy issues.

Concerns about the outlook for the global economy continued to weigh on the markets amid worries the increases in interest rates around the world will lead to a recession. The Fed and other central banks have indicated they plan to continue raising rates in an effort to combat stubbornly elevated inflation could throw the economy into a sharp downturn. In the coming days, traders are likely to keep an eye on reports on durable goods orders, consumer confidence, new home sales and personal income and spending.

Shares of casino operators Wynn Resorts, Las Vegas Sands Corp and Melco Resorts & Entertainment jumped between 11.8% and 25.5% after Macau planned to open to mainland Chinese tour groups in November for the first time in almost three years.

Among Indian ADR, ICICI Bank fell 2% to $21.06, Azure Power Global shed 4.8% to $5.53, HDFC Bank fell 0.9% to $58.44, Tata Motors fell 4.7% to 24.28, and Dr Reddy's Labs fell 1.5% to $49.90. WNS Holdings fell 0.5% to $79.74. INFOSYS was up 0.5% to $16.69 and Wipro added 0.2% to $4.79.

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