Due to concerns about the state of the US economy, there was a sell-off in stocks across the board on Monday, sending the Dow Jones Industrial Average towards its worst day in almost two years.
2.7%, or 1,075 points, were taken off the Dow. The Dow Jones Industrial Average fell 3.7%, while the S&P 500 fell 3.2%.
It looked like the blue-chip Dow and S&P 500 might see their largest day losses since September 2022. Fears of worldwide market volatility increased after Japan’s stock market saw its biggest decline since Wall Street’s Black Monday in 1987.
The primary cause of the worldwide market collapse following Friday’s dismal July jobs report was fears of a U.S. recession. Investors are also worried about the Federal Reserve’s tardiness in reducing interest rates.
Source (CNBC)
