Global markets sink into the red 5%+ across the board by on what was quickly dubbed “Black Monday” in the media and on Twitter.
The Dow Jones Industrial Average plummets more than 1,000 points at Monday’s opening bell before recovering some of its losses.
Crude oil loses over 5% Monday morning as the markets wonder how far it will fall. WTI crude crossed under $40 per barrel for the first time in 6 years.
The Shanghai Composite loses 8.5% overnight in the worst-ever day for the benchmark mainland exchange.
A September rate hike from the Federal Reserve, once a foregone conclusion for analysts, are now in doubt after the worldwide stock correction. Investors will watch whether or not stock indices bounce back after last week’s steep losses.
Shares of AGL Resources Inc. surge more than 26% after the company is acquired by utilities firm Southern Co. for $8 billion in cash.