Markets fell severely on Monday, highlighted by the seven most valuable U.S. tech companies losing about $1 trillion in market value.
Monday’s decline began with Japan’s Nikkei falling 12.4%, marking its worst day since the 1987 Black Monday crash. In the U.S., the S&P 500 dropped 3%, the Dow plunged 1,033 points, and the Nasdaq decreased by 3.4%.
Tech companies were among the worst performers on Monday as Nvidia lost 6.4%, Apple fell 4.8%, Tesla dropped 4.2%, and Super Micro Computer was down 2.5%.
The markets’ performance and a poor July jobs report have ignited concerns that the U.S. economy is slowing. Investors are worried that the Federal Reserve has moved too slowly and will need to play catch-up in cutting rates.
