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World markets shaken over fears of U.S. recession as sell-offs deepen
Nearly everything on Wall Street is tumbling as fear about a slowing U.S. economy worsens and sets off another sell-off for financial markets around the world.
But after Friday's jobs report, there have been rising worries that the Federal Reserve may have kept its main interest rate at a two-decade high for too long, raising risks of a recession in the world's largest economy. A bonanza around artificial intelligence technology helped drive Big Tech stocks higher, while other areas of the market held up amid rising hopes for coming cuts to interest rates by the Federal Reserve. Investors will be watching for data on the U.S. services sector from the U.S. Institute for Supply Management due later Monday that may help determine if the sell-offs around the world are an overreaction, Yeap Jun Rong of IG said in a report.
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