Wall Street’s decline kicked up a gear, with losses on the Nasdaq Composite topping 3 per cent and those for the broader market also widening.
Technology stocks continued to lead the way lower, with big names like Apple and Microsoft down more than 3 per cent and Facebook off more than 5 per cent to a 21-month low. Semiconductor stocks also remained under heavy selling pressure.
Down just over 3 per cent during lunchtime on Monday, the Nasdaq was eyeing its worst one-day drop since October 24. The S&P 500 and Dow Jones Industrial Average were both down 1.9 per cent, which would rank as their worst days since last Monday should the losses hold.
Technology, down 3.4 per cent, was the worst-performing sector in the S&P 500, followed by a 1.8 per cent drop for consumer discretionary and a 1.7 per cent slide for industrials.
Only telecommunications, up ⅔ of 1 per cent, and utilities, up ⅓ of 1 per cent, were in the black, according to Refinitiv data.
The rally in Treasuries extended only slightly, with yields sliding further. The yield on the benchmark 10-year US Treasury was down 1.7 basis points to 3.0573 per cent.
The dollar remained weak, with the DXY index down 0.3 per cent at 96.191.