US stock market today: Dow Jones, S&P 500, Nasdaq crash. US recession fear, other reasons behind bloodbath
US Recession
The US recession worries shook global markets and drove investors out of risky assets, while Apple shares dropped as Berkshire Hathaway cut its stake in the company.
The recession worries followed weak economic data last week, including Friday's U.S. payrolls report.
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Indexes pared losses after data showed U.S. services sector activity in July rebounded from a four-year low amid a rise in orders and employment.
Shares of Apple fell 4.4 per cent after Berkshire Hathaway halved its stake in the iPhone maker. Billionaire investor Warren Buffett also let cash at Berkshire soar to $277 billion.
Nvidia slid more than 6 per cent, while Microsoft was down 3.4 per cent and Alphabet was down 2.5 per cent.
Chicago Fed President Austan Goolsbee downplayed recession fears, but said Fed officials need to be cognizant of changes in the environment to avoid being too restrictive with interest rates, as per Reuters report.
Jobs Report
The CBOE Volatility index, Wall Street's «fear gauge,» rose sharply.
The weak jobs report and shrinking manufacturing activity in the world's largest economy, coupled with disappointing forecasts from the big U.S. technology companies, and the Nasdaq Composite on Friday confirmed it was in correction territory.
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The so-called Magnificent Seven group of
