Major stock indexes fell more than 3 percent on Thursday morning as a grim outlook from the Federal Reserve and downbeat data in Europe and China heightened fears about a global recession.

The Dow Jones industrial average <.DJI> dropped 371.83 points, or 3.34 percent, to 10,753.01. The S&P 500 <.SPX> fell 37.09 points, or 3.18 percent, to 1,129.67. The Nasdaq Composite <.IXIC> lost 80.56 points, or 3.17 percent, to 2,457.63.