March 11 - Stock markets experienced significant losses Monday as the S&P 500 fell 8.7% from its record high reached on February 19, erasing over $4 trillion in market value since that peak, according to market data.
Deutsche Bank's Jim Reid described Monday's session as a “risk-off move” that continued unabated, with the S&P 500 posting its worst day year-to-date for the third time in six sessions. The Nasdaq also recorded its worst performance since 2022, intensifying investor caution.
The group of the seven leaders of tech, sometimes referred to as the Magnificent 7, slipped into bear market territory as the dramatic sell-off extended to the global markets. The sharp decline was documented by Reid as reflecting mounting economic uncertainties and subdued investor confidence with recession fears.
Market volatility is continuing and analysts are closely watching the turn of events to determine if the economic point of anguish is sustained and whether there may be further declines due to broader macroeconomic pressures.
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