Stocks fell in early trading Thursday with the Dow Jones Industrial Average losing more than 500 points after a one-day gain temporarily slowed a weeks-long decline.

An hour after the 9:30 EDT opening bell, the Dow dropped 546.27 points, or 1.84%, to 29,137.47. The S&P 500 dropped 88.52 points, or 2.38%, to 3,630.52, and the Nasdaq Composite was down 367.48, or 3.33% to 10,684.16 points.

Concerns over the United Kingdom's tax cut plan and general worry over inflation and recession returned to the markets a day after Wednesday's rally. The U.S. Federal Reserve increased interest rates by 0.75% last week to stifle inflation.

At press time, Apple (AAPL) shares were trading at $143.49, down $6.35 or 4.24%, after Bank of America analysts downgraded the company's stock, citing weak consumer demand.

"We are skeptical that the calmer mood in markets on Wednesday marks an end to the recent period of elevated volatility or risk-off sentiment," UBS' Mark Haefele wrote in a Thursday note to clients, as reported by CNBC.

"For a more sustained rally, investors will need to see convincing evidence that inflation is coming under control, allowing central banks to become less hawkish."

A trader stands beneath a screen on the trading floor displaying the Dow Jones Industrial Average at the New York Stock Exchange (NYSE) in Manhattan, New York City