The unwinding of some of Wall Street’s most popular trades intensified Monday, sending Japanese stocks to their worst day since the 1987 market crash and walloping U.S. technology shares.
U.S. stock indexes opened sharply lower, tracing declines in international markets, before recovering somewhat after a survey of purchasing managers showed the services sector expanded last month at a slightly higher rate than expected.
The tech-heavy Nasdaq led the way, falling nearly 4% in afternoon trading. Every industry segment in the S&P 500 declined, pushing the broad index more than 3% lower. All 30 stocks in the Dow Jones Industrial Average declined and the blue-chip index shed more than 1000 points.
The Russell 2000 index of small stocks, resurgent in recent weeks, lost more than 3%. Oil and precious metals also fell. Bitcoin dropped 10%.... Read More: WSJ