Dow plunges 1,000 points after Fed chief Powell warns of inflation ‘pain’

US stock markets nosedive as Jerome Powell says at top bank summit the overarching focus is to bring inflation back down'

US stock markets nosedived on Friday after the Federal Reserve chair, Jerome Powell, warned of pain" ahead as the central bank struggles to bring down inflation from a 40-year high.

Powell's highly anticipated speech was more hawkish than had been expected, with the Fed chair pledging to do all he could to end rising prices. The Dow Jones Industrial Average lost just over 1,000 points, 3%, the S&P fell 3.3% and the Nasdaq dropped almost 4%.