Wall Street's stock sell-off intensified in a major way Monday as concerns mounted over the health of the US economy. The Dow Jones Industrial Average fell over 1,000 points. The Nasdaq Composite was crushed by more than 3.4%, and the S&P 500's losses cascaded nearly 3% to cap its worst start to any month since 2002. Wall Street's "fear gauge" — the CBOE Volatility Index — touched its highest level since the early days of the COVID-19 pandemic, before retreating.
Some of the biggest companies in the stock market saw their values plummet. Apple declined about 5% amid the sell-off and news that Berkshire Hathaway had cut its stake in the company in half. Nvidia pulled back over 6%. Tesla fell more than 4%. Crypto also took a beating, with bitcoin sinking more than 10% to creep back toward the $54,000 level. The concerns spread throughout the world, as well.
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