• The Dow Jones Industrial Average fell 1,175.21 points, or 4.6 percent, to 24,345.75, the S&P 500 lost 113.19 points, or 4.10 percent, to 2,648.94 and the Nasdaq Composite dropped 273.42 points, or 3.78 percent, to 6,967.53.
U.S. stocks plunged in highly volatile trading on Monday, with both the S&P 500 and Dow Industrials indices slumping more than 4.0 percent, as the Dow notched its biggest intraday decline in history with a nearly 1,600-point drop and Wall Street erased its gains for the year.
• On Monday, the financial, healthcare and industrial sectors fell the most,but declines were spread broadly as all major 11 S&P sectors dropped at least 1.7 percent. All 30 of the blue-chip Dow industrial components finished negative.
• The market’s pullback comes amid concerns about rising bond yields and higher inflation which were reinforced by Friday’s January U.S. jobs report that prompted worries the Federal Reserve will raise rates at a faster pace than expected this year.
Bulls argue that strong U.S. corporate earnings, including a boost from the Trump administration’s tax cuts, will ultimately support market valuations. Bears, including short sellers that bet on the market decline, say that the market is over-stretched in the context of rising bond yields as central banks withdraw their easy money policies of recent years.
• The CBOE Volatility index, the closely followed measure of expected near-term stock market volatility, jumped 20 points to 30.71, its highest level since August 2015.
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• Asian indexes tumbled early on Tuesday, mirroring massive losses seen stateside in the last session when the Dow fell more than 1,100 points and the S&P saw its worst day in six years.
• Japan's Nikkei 225 was down 4.67 percent in the early going as stocks across sectors pulled back. Automakers, financials and technology names were lower in the morning, with Toyota down 3.55 percent.
Reference: Reuters, CNBC
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