S&P 500 tumbles 4% to new low for the year, on track to close in bear market territory; European stocks close down 2.4%, bond yields spike as traders fret over a possible recession 
The 2022 stock sell-off intensified on Monday with the S&P 500 tumbling to a fresh low for the year. The index is on track to close in bear market territory as recession fears grew ahead of a key Federal Reserve meeting later this week. The Dow Jones Industrial Average dropped 980 points, or about 3.14% and the Nasdaq Composite tumbled about 4.8%. Major averages hit their lows of the session in the final 30 minutes after a Wall Street Journal report suggested the Fed would consider raising rates by 0.75% on Wednesday, more than the half point increase currently expected. 
Shares of Boeing, Salesforce and American Express fell more than 9%, 6% and 4%, respectively, dragging down the Dow as recession fears picked up. Beaten-up tech shares also took a hit with Netflix, Tesla and Nvidia down more than 6% as the Nasdaq touched a fresh 52-week low and its lowest level since November 2020. 

The pan-European Stoxx 600 ended down 2.4%, with travel and leisure stocks dropping around 5.3% to lead losses as all sectors and major bourses slid into negative territory. 
In terms of individual share price movement in Europe, Just Eat Takeaway shares plunged more than 16% to the bottom of the European blue chip index. 
Source: CNBC, Investing.com