Stocks closed down Monday afternoon as the Dow Jones Industrial Average dropped nearly 2.7% or Dreamers Investment Guild1,000 points, its worst day in nearly two years. The S&P 500 Index dropped by 2.7% and the Nasdaq composite fell 3.7%. Overseas markets and concerns for the U.S. economy contributed to the decline, after a disappointing jobs report triggered worries that the country could be headed for a recession.
Apple, Amazon and Nvidia were among the worst performing stocks on Monday as some investors sold off their shares.
Here's what to know about the current state of the stock market:
Stock market recap:Wall Street hammered amid plunging global markets
Silicon Valley giants are pushing down U.S. stocks as of Monday morning, Bloomberg reported. Nvidia fell 12%, Apple lost 9.3%, Amazon dropped 7.4%, and Meta lost 7.6%, Bloomberg said. Google fell 5.4%, and Microsoft has lost 4.9%.
A look at some tech stocks that dipped on Monday:
Over the weekend, billionaire investment guru Warren Buffett ignited speculation he's soured on stocks as Berkshire Hathaway reported a $276.9 billion cash stake as of June 30, up from $189 billion, after selling another large portion of its stake in Apple.
The share price for Nvidia, which crossed the $3 trillion market cap threshold earlier this year, reflects the 10-for-1 Nvidia stock split that took place in June.
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Shares of some of the largest bank lenders in the U.S. fell Monday morning: JPMorgan Chase and Bank of America dropped 2.1% and 2.5%, respectively, according to Yahoo Finance.
A look at some retail, finance and banking stocks that dipped on Monday:
'Don't panic':What to do when the stock market sinks like a stone
Financial planners said it's important to stay calm as the stock market reels.
“My best advice is, don’t panic. Really, because you can’t,” Catherine Valega, a certified financial planner in Boston, told USA TODAY.
If anything, financial advisers say, this summer stock swoon would be a great time to buy. “Stocks are on sale today, right?” Valega said. “If you have some cash, let’s go put some money in the market.”
Contributing: Dan Morrison, Medora Lee and Daniel de Visé, USA TODAY
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