U.S. stock indices ended trading on Tuesday with a sharp decline. The value of the Nasdaq Composite index fell to its lowest level since December 2020, according to FactSet data.

Traders are pressured by factors such as a coronavirus outbreak in China, rising inflation rates and the prospect of rate hikes by the world’s central banks. All of them are contributing to rising concerns about future economic growth and causing volatility in the market, The Wall Street Journal reported.

“We’ve had a wonderful scenario playing out over the last 18 months: growth (economic) accelerating and bond yields falling – a perfect combination for risk assets,” said PineBridge Investments portfolio manager Hani Redha. – The opposite is true at the moment.”

The index of consumer confidence in the U.S. in April fell to 107.3 points from a revised 107.6 points in March, said the research organization Conference Board, which calculates the indicator. Analysts on average had expected the indicator to rise to 108 points in April, data from Trading Economics showed.

Sales of new homes in the U.S. in March fell 8.6% from the previous month to 763,000 at an annualized rate, the country’s Commerce Department said. The indicator declined for the third consecutive month. Analysts on average had expected a 0.9% decline in new-home sales last month, Trading Economics said.

Investors also analyzed a fresh batch of corporate reports, but even positive data could not reverse the above-mentioned factors.

The Dow Jones Industrial Average fell 2.38% to close at 33240.18 points.

Standard & Poor’s 500 fell by 2.81% to 4175.2 points.

The Nasdaq Composite index fell 3.95% to 12490.74 points.

PepsiCo Inc., one of the world’s largest producers of soft drinks, increased net income and revenue in the first fiscal quarter, with adjusted earnings and revenue figures exceeding experts’ expectations. However, the company’s share prices fell by 0.25%.

General Electric Co. posted adjusted earnings and revenue last quarter above analysts’ expectations, but the outlook was disappointing. The stock price fell 10.3%.

United Parcel Service, an express delivery service, posted a decline in net income and an increase in revenue in the January-March quarter, with adjusted earnings and revenue better than market forecasts. The company’s capitalization fell 3.6%.

Discovery Inc. media company, which owns the TV channel of the same name, as well as TLC, Animal Planet and others, more than tripled its net income last quarter, better than forecast. Shares, however, fell 7.8% in value. The company noted that starting next quarter, reporting will also include results from WarnerMedia, the former media division of AT&T Inc (NYSE:T). whose merger deal with Discovery closed on April 8. The company’s new name is Warner Bros. Discovery Inc.

D.R. Horton Inc. one of the largest U.S. residential real estate builders, increased net income by one-and-a-half times and revenue by 24% in the second quarter of fiscal 2022, both beating market expectations. The company’s value, however, declined 2.7%.

Raytheon Technologies increased quarterly net income by 43%, the adjusted figure was higher than forecast, but revenue did not meet experts’ expectations. Raytheon’s capitalization decreased by 0.3%.

Corning Inc., which produces glass and fiber optic products, in the first quarter reduced net income by 3%, but increased revenue and improved the annual forecast. Share prices rose by 3.1%.