The S&P 500 Index ($SPX) (SPY) Monday closed down -3.00%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -2.60%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.96%.
US stocks Monday sold off sharply, with the S&P 500 and Nasdaq 100 dropping to 3-month lows and the Dow Jones Industrials falling to a 7-week low. Global equity markets were hammered on Monday and sparked risk-off sentiment in asset markets. Recent weaker-than-expected US economic news has fueled concern that the Fed is too slow to cut interest rates to keep the US economy from heading for a sharp economic downturn. Megacap technology stocks retreated Monday to lead the overall market lower, with Apple, Nvidia, Alphabet, Amazon, and Tesla closing down more than -4%.
