Tech Stocks Lead Dow Jones Industrial Average To Largest Drop In Almost Two Years

Stocks declined across the board on Monday as investors worried that the U.S. economy was weakening after Friday’s cooler-than-expected jobs report.

The Dow Jones Industrial Average fell 2.6%, or 1,034 points, and the S&P 500 shed 3%, or 160 points, to mark their greatest one-day losses since September 2022. The tech-heavy Nasdaq Composite dropped 3.4%.

The biggest losers on the Dow were all tech stocks. Intel Corp INTC fell 6.38% to close at $20.11, while Apple Inc. AAPL slipped 4.82 to $209.27 and Cisco Systems Inc. CSCO dropped 4.11% to $44.74.

Caesars Entertainment Inc. CZR declined 6.90% to close at $33.20 on Monday to lead losses on the S&P 500. Walgreens Boots Alliance, Inc. WBA lost 6.62% to land at $10.72 while Etsy, Inc. ETSY fell 6.57% to close at $55.45.

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Exchange-traded funds that track the Dow and the S&P 500 also fell on Monday. The SPDR Dow Jones Industrial Average DIA slipped 2.60% and the  SPDR S&P 500 ETF Trust SPY fell 2.91%.

Monday was only the 15th time in the Dow’s history that it lost more than 1,000 points in one day, according to FactSet data, CNN reported.

Japanese stocks also plummeted the most in one day since 1987 as jitters over a slowing U.S. economy pulled down global markets.The Nikkei 225 index of leading stocks in Tokyo lost 4,451 points, or more than 12% to register its biggest drop ever.

Oil prices also declined as West Texas Intermediate crude futures, the U.S. benchmark, settled at $72.94 a barrel and Brent crude futures, the international benchmark, landed at $76.30 a barrel.

Traders see an 85% expectation that the Fed will cut rates by half a point the next time it meets on Sept. 18, according to the CME FedWatch Tool.

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