Wall Street's main indexes fell overnight, giving up modest initial gains on growing concern about a recession in 2023 and despite China's moves to re-open its borders.

It was a choppy as investors weighed varying sentiments about the state of the global economy and the likely trajectory of future interest rate hikes from the Federal Reserve. Ultimately their sentiments were gloomy.

Recent data may have pointed to an easing of inflationary pressures, but a tight labour market and overall resilience in the US economy have spurred concerns that rates will stay higher for longer.

The Dow fell 1.1 percent, to 32,875, the S&P 500 lost 1.2 percent, to 3,783 and the Nasdaq dropped 1.35 percent, to 10,213.

Apple, Alphabet and Amazon all fell by between 1.5 percent and 3 percent. All 11 S&P 500 sector indexes were down, with energy stocks, down 2.2 percent overall, causing the biggest drag.

Tesla rose by more than 3 percent after hitting its lowest level in more than two years in the previous session. The stock is down nearly 70 percent for the year.

Southwest Airlines dropped by another five percent after falling six percent on Tuesday. It's come under fire from the US government for canceling thousands of flights as passengers remain stranded because of this week's ice storms. (Reuters)