Major US stock indexes fell markedly under pressure from stocks in the financial and technology sectors, as reports that the ECB lowered growth forecasts and announced a new round of incentives to help banks in the region caused concern about the global economy.

ECB President Mario Draghi reported a downgrade in GDP growth to 1.1% from the 1.7% projected in December. The European regulator also announced that its new targeted incentive program for long-term refinancing operations (TLTRO-III) will begin in September and last until March 2021. TLTROs are loans provided by the ECB to European banks at low rates, making it easier for them to lend to consumers, which in turn can help stimulate the economy. This is the third series of incentives from the ECB since 2014. In addition, the ECB has changed its rate forecast, saying it expects key interest rates to remain at the current level, at least until the end of 2019, whereas it was previously announced about the end of the summer of 2019.

The focus was also on data on the US labor market. According to a report by the Ministry of Labor, the number of initial claims for unemployment benefits fell from 3,000 to 223,000, taking into account seasonal fluctuations in the week ending March 2. The data for the previous week was revised to show 1,000 applications more than previously reported. Economists predicted that the number of complaints would remain unchanged at 225,000.

Almost all the components of DOW finished trading in the red (27 out of 30). Walgreens Boots Alliance (WBA; -2.45%) was an outsider. The growth leader was Exxon Mobil Corporation (XOM, + 0.98%).

Almost all sectors of the S & P recorded a decline. The largest decrease was shown by the service sector (-1.6%). Only the conglomerate sector grew (+ 0.1%).

At the time of closing:

Dow 25,673.46 -133.17 -0.52%

S & P 500 2,771.45 -18.20 -0.65%

Nasdaq 100 7,505.92 -70.44 -0.93%