Stocks experienced a significant drop on Monday morning, with the Dow falling 866 points, or 2.2%, after a sharp decline of over 1,000 points earlier in the session. The S&P 500 also saw a decline of 2.5% after dropping more than 4%, while the Nasdaq Composite was down 3% following a tumble of over 6%.
Despite the initial steep decline, there was some relief as stocks managed to recover slightly from their lowest levels of the day. The market volatility was attributed to concerns over the ongoing COVID-19 pandemic, uncertainty surrounding economic recovery, and geopolitical tensions.
