Wall Streets main indexes slumped on Monday as fears of the United States tipping into recession following weak economic data last week rippled through global markets.
Bourses from Asia to Europe took a beating and bond yields slipped as investors rushed to safe-haven assets and bet the U.S. Federal Reserve would now need to cut interest rates aggressively to spur growth.
The selloff was brutal, with the so-called Magnificent Seven group of stocks - the main driver for the indexes hitting record highs earlier this year - set to lose a combined $1 trillion in market value.
Apple f ell 4.6 % after Berkshire Hathaway h alved its stake in the iPhone maker, suggesting that billionaire investor Warren Buffett is growing wary about the broader U.S. economy or stock market valuations that have gotten too high.
Nvidia slid 5.6 % after reports of a delay in the launch of its upcoming artificial-intelligence chips due to design flaws.
