Stocks plummeted on Monday, with the Dow Jones Industrial Average experiencing its worst day in nearly two years due to concerns about the U.S. economy, triggering a global market sell-off.

The Dow dropped 1,033.99 points (2.6%) to 38,703.27, the Nasdaq Composite fell 3.43% to 16,200.08, and the S&P 500 declined 3% to 5,186.33.

Both the Dow and S&P 500 saw their largest daily losses since September 2022. Japan’s stock market also suffered its worst drop since 1987’s Black Monday, CNBC has reported.

The downturn was driven by fears of a U.S. recession following a disappointing July jobs report and concerns that the Federal Reserve is slow to cut interest rates, having recently maintained the highest rates in two decades.

Written by B.C. Begley