The tech-heavy Nasdaq 100 saw among the deepest losses on the day, falling 3.8%, its largest single-day drawdown since October 2022. At intraday lows, with the index 4.7% lower, the amount of market value wiped out exceeded $1 trillion.

The Dow dropped nearly 900 points as fears about the economy mount.

US stocks had a terrible day on Monday. And no sector suffered more than tech. The tech-heavy Nasdaq 100 saw among the deepest losses on the day, falling 3.8%, its largest single-day drawdown since October 2022.