Stocks fall, ending worst August in 7 years

STORY: A fourth straight day of losses on Wall Street Wednesday... wrapping up the weakest August for stocks in seven years as worries about aggressive interest rate hikes from the Federal Reserve triggering a recession continued to weigh on the minds of investors.

The Dow fell nearly nine tenths of a percent. The S&P 500 lost more than three quarters of a percent, while the Nasdaq ended more than half a percent lower.

Tommy Mancuso is president and co-founder of The BAD Investment Company.

"We’ve seen a significant struggle here in August. And I think a lot of that's been driven from a lot of the Fed talk, inflation being a little bit more stickier than we originally anticipated. With that said, you know, I don't think we're necessarily going to enter a hard recession. I believe it's probably going to be a pretty minor recession or more of a contraction here when we see a slowdown in business in this rising interest rate environment."

Shares of Seagate fell after the data storage company slashed its first-quarter earnings expectations, citing macroeconomic concerns.

Shares of HP dropped nearly 8% after forecasting downbeat quarterly and full-year profit on slowing PC sales.

But shares of social media companies posted solid gains despite the tech rout after Snap said it will cut 20% of its staff, restructure its advertising sales unit and shut down several projects to focus on improving sales and number of Snapchat users. Shares soared more than eight and a half percent.

Shares of Chewy slid more than 8% after the online pet supplies retailer cut its full-year sales outlook.

And Bed Bath & Beyond plunged more than 21% after saying it would close 150 stores, cut jobs and overhaul its merchandising strategy in an attempt to turn around the struggling retailer.