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The S&P 500 Index closed 106 points, or 3%, lower on Monday after a hair-raising morning drop, while the technology-heavy Nasdaq composite fell 3.43% and the Dow Jones plummeted more than 1,000 points, losing 2.6%, as global markets washed out over worries of a possible recession in the world's biggest economy.
The S&P 500 and the Dow saw their biggest drops since September 2022. The market carnage shaved $907 billion off Nasdaq's market value.
"So much for the summer lull," said Neil Shearing, group chief economist at Capital Economics, in a commentary. "Stock markets are in turmoil and bond yields have plunged as fears about a U.S. recession have taken hold."
Driving the rout: Sharp declines in high-flying tech stocks including Nvidia, Apple, and Amazon, and a disappointing jobs report. Apple had its worst day since September 2022, shedding 4.82%. As investors ran to buy U.S. Treasurys, mortgage rates declined, opening the door for some borrowers to refinance, experts said.