Sharp Drop in Global Markets and Heavy Losses for Amazon

Major Wall Street indices fell sharply today, Monday, marking the second consecutive session of decline, as fears of a potential recession in the United States grew following weak data that shook financial markets. The Dow Jones Industrial Average dropped by 681.07 points, or 1.71%, to 39,056.19 points. The S&P 500 index fell by 195.42 points, or 3.66%, to 5,151.14 points, while the Nasdaq Composite plummeted by about 1,063.63 points, or 6.34%, to 15,712.53 points. The decline in Amazon's stock by 8.79% and Intel's by 26.06% after their disappointing quarterly results and forecasts contributed to the increased downward pressure. The Nasdaq Composite index fell more than 10% from its highest closing level in July, confirming its entry into correction territory amid rising concerns over inflated valuations in a declining economy. The CBOE Volatility Index, also known as the "fear gauge" on Wall Street, surged past its long-term average of 20 points to reach a high of 29.66, the highest since March 2023, before closing at 23.39.