Another day, another reversal in stock fortunes as recession fears grow

U.S. stock markets plummeted today as recession fears continue to grow.

Yesterday's good news about a reprieve on tariffs for U.S. consumer imports was undone by increasing concerns over economic indicators pointing to a potential global recession coming within the next year.

Phones, laptops and game consoles get tariff reprieve until December

The Dow Jones Industrial Average dropped more than 800 points on Wednesday - its largest decline of the year - while the S&P 500 fell by 85 points and the tech-heavy Nasdaq dropped 240 points.

The downturn in the markets came a day after the Dow closed up 373 points after the U.S. Trade Representative announced a delay in many of the import taxes the Trump administration planned to impose on Chinese goods.

In the U.S. it was concerns over the news that the yield on 10-year U.S. Treasury notes had dipped below the yield of two-year notes. It's an indicator that investors think the short-term prospects for a country's economic outlook are worse than the long-term outlook, so yields are higher for short-term investments.

China's industrial and retail sectors both slowed significantly in July. Industrial production, including manufacturing, mining and utilities, grew by 4.8% in July (a steep decline from 6.3% growth in June). Meanwhile, retail sales in the country slowed to 7.6%, down from 9.8% in June.

Germany also posted declines over the summer months, indicating that its economy had contracted by 0.1% in the three months leading to June.

Globally, the protracted trade war between the U.S. and China are weighing on economies - as are concerns about what a hard Brexit would mean for the economies in the European Union .

The stocks of Alphabet, Amazon, Apple, Facebook, Microsoft, Netflix and Salesforce were all off by somewhere between 2.5% and 4.5% in today's trading.