Stock market today: Dow falls 1,000 points as recession fears fuel calls for interest rate cut

Each of the large banal indexes fell much than 2% successful aboriginal trading connected Monday.

Stocks plummeted connected Monday arsenic markets worldwide reckoned with a disappointing jobs study past week that fueled interest of a imaginable recession.

The large banal indexes successful the U.S. fell much than 2% successful aboriginal trading. The S&P 500 fell astir 4%, portion the tech-heavy Nasdaq dropped much than 6%. The Dow Jones Industrial Average fell astir 1,000 points, oregon astir 3%.

The marketplace downturn triggered calls for a ample involvement complaint chopped astatine the Federal Reserve's adjacent gathering successful September. Some investors voiced an adjacent much urgent petition for a uncommon exigency complaint chopped arsenic soon arsenic this week.

Japan's main Nikkei 225 banal index dropped much than 12%, its worst time of trading since 1987.

In aboriginal U.S. trading, chipmaker Nvidia plunged much than 14%. Apple fell much than 8%.

"Investors are feeling monolithic symptom globally," Dan Ives, a managing manager of equity probe astatine concern steadfast Wedbush, said successful a enactment to clients. U.S. markets, helium added, are "trading dense successful the reddish crossed the board."

Employers hired 114,000 workers successful July, falling good abbreviated of economist expectations of 185,000 jobs added, U.S. Bureau of Labor Statistics information connected Friday showed. The unemployment complaint climbed to 4.3%, the highest level since October 2021.

The unemployment complaint has soared this twelvemonth from 3.7% to 4.3%. That inclination has triggered a recession indicator known arsenic the "Sahm Rule," which says that a emergence of 0.5 percent points successful the unemployment complaint wrong a 12-month play typically precedes a recession.

On Sunday, Goldman Sachs economists raised the probability of a U.S. recession successful the adjacent twelvemonth from 15% to 25%.

This is simply a processing story. Please cheque backmost for updates.

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