Stocks plunged, extending last week's drop that left the Nasdaq Composite in correction territory.
The technology sector is once again leading the declines, with the Mag Seven group of stock shedding hundreds of billions in market value today alone. That group of stocks has led the market higher and is ripe for profit-taking amid the panic.
Fears that the U.S. is at risk of recession after Friday's weak jobs report triggered mayhem across global markets. Tokyo’s Nikkei 225 plunged a staggering 12.4%, its biggest one-day percentage drop since October 1987, the Black Monday crash.
The yen strengthened as much as 3% against the dollar, a stomach-churning move that is contributing to the blowup of the popular yen-carry trade. The unwinding of that trade is causing selling pressure in tech, another factor in the selloff today.