Stocks are cratering.
US stocks opened lower to start the week extending Friday’s sell-off.
Around 11:09 a.m. ET, the three major indexes were down more than 2%, with the Dow down 364 points, the S&P 500 off 43, and the Nasdaq down 124.
And that’s just the beginning.
In the last few trading hours, a bunch of huge economic and business headlines have come out, so we put them all together to make sure you didn’t miss a thing:
- The so-called FANGs (Facebook, Amazon, Netflix, and Google) are getting slammed, which is notable as they were the best-performing tech stocks in 2015.
- This follows last Friday’s sell-off across the tech sector as LinkedIn plunged 44% after weak earnings and Tableau Software lost about half its value.
- Greece is getting slammed. The benchmark ASE Index fell 7.9% on Monday and Greek bank stocks lost 24.3%. This was the ASE’s lowest close since 1990. Greek bonds are getting crushed too.
- Chesapeake shares dropped more than 50% on Monday morning, and have been halted at least four times for volatility after reports the company had hired restructuring lawyers. In a statement on Monday morning the company said it currently has “no plans” to pursue bankruptcy.
- Gold jumped $36 an ounce, or about 3.13%, to at least three-month highs near $1,199.
- Deutsche Bank’s Joe LaVorgna thinks that March is off the table for an interest rate hike from the Federal Reserve after a recent run of disappointing economic data and stock market volatility.
- Crude oil is also lower, with WTI falling 3% to move back below $30 per barrel.
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