Investors quickly lost hope of a market rebound following Friday's freefall, as the global selloff sparked by recession fears continued into Monday. All three major benchmarks notched their worst daily percentage drops since 2022 -- the Dow cratering 1,033 points for its third consecutive daily loss, the Nasdaq sinking further into correction territory with a 576-point drop, and the S&P 500 hitting its lowest level since May. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) soared 64.9% to its highest level since March 2020.
Oil, Gold Fall Sharply
Fresh off a fourth-straight weekly decline, oil prices fell sharply today, with U.S. crude hitting six-month lows. September-dated West Texas Intermediate (WTI) crude dropped 58 cents or 0.8%, to settle at $72.94 -- its lowest since Feb. 5.
Despite its "safe-haven" status, gold prices felt the heat from the selloff as well. December-dated gold futures dropped 1% to settle at $2,444.10 per ounce.
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