Recession fears, trader repositioning spark markets sell off
Friday’s soft U.S. jobs report has intensified recent selling, especially in tech stocks, which had pushed the Nasdaq to a record high just a month ago.
U.S. stocks had their third-straight trading day of heavy declines as recession fears continued to mount and Wall Street abandoned a popular trade that had helped counter high interest rates.
The Dow Jones Industrial Average was down roughly 900 points, or nearly 2.5%, Monday morning, while the S&P 500 declined 2.3% and the tech-focused Nasdaq fell 2.5%.