GLOBAL MARKETS-Stocks tumble on growth concerns, bond yields slip

dropped 2.35% and the S&P 500lost 0.81% as investors turned to defensive positions. But shares pares losses late and the Dow Jones Industrial AverageShares of Snap plummeted 43.1%, dragging down several social media and internetand retailers taking the lead.

"It has raised jitters in global markets about the possibility at least of a more aggressive move by the ECB," said Phil Shaw, chief economist at Investec in London. But"the broader macro backdrop still supports the risk-off take," Rai said."The dollar still has more room to run over the medium term."Markets took some comfort from U.S. President Joe Biden's comment on Monday that he was considering easing tariffs on China, and from Beijing's continuing promises of stimulus.JPMorgan cut its forecast for second-quarter Chinese gross domestic product to a 5.4% contraction from1.5% decline after disappointing data in April.

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