US stocks open week with major losses amid recession fears

ISTANBUL

Major stock exchanges in the US opened Monday with major losses as recession fears continue in global stock markets.

The Dow Jones plummeted 931 points, or 2.3%, to 38,836 at 10.05 a.m. EDT (1400GMT). The blue-chip index lost 610 points, or 1.51% on Friday.

The S&P 500 fell 135 points, or 2.53%, to 5,211. On Friday, the index declined 100 points, or 1.84%.

The Nasdaq, meanwhile, dove 600 points, or 3.6%, to 16,174. The tech-heavy index on Friday fell almost 418 points, or 2.43%.

Although job market figures in the US signaled a cooling labor market and increased the likelihood of a rate cut by the Federal Reserve in September, investors are worried that the central bank could be too late in easing its monetary policy, pushing the US economy into a recession.

The VIX volatility index, also known as the fear index, jumped 81% to 42.11. The 10-year US Treasury yield declined 1.35% to 3.736%.

The dollar index fell 0.6% to 102.59, while the euro rose 0.55% to $1.0971 against the greenback.

Precious metals were also in the red, with gold losing 2.2% to $2,389 per ounce and silver decreasing 5.3% to $27.05.

Oil prices were down around 1%, with global benchmark Brent crude priced at $76.11 per barrel and US benchmark West Texas Intermediate at $72.70.

• Dow Jones
• Nasdaq
• S&P 500
• US stocks
• VIX volatility