Dow Jones falls another 500 points at open

Traders work on the floor of the New York Stock Exchange

At its worst on Monday, the Dow was down more than 1,500 points.

S&P 500 e-minis were down 16 points, or 0.61 per cent, with 1,054,865 contracts traded.

The stocks of pharmaceutical company Bristol-Myers Squibb rose by 3% after the company said it was in the final phase of a study of a lung cancer medicine.

The Dow has lost about 10 percent since reaching a record high of 26,616 on Jan. 26, 2018 - putting it in correction territory. Then, however, these papers joined the mass waves and lost more than 2% of their value.

Reitzes said that fundamentals certainly were not driving the "market turmoil".

"Since last autumn, investors had been betting on the goldilocks economy - solid economic expansion, improving corporate earnings and stable inflation".

Although investors are clearly buying into the rising market, there are signs of caution.

"Our real economy is doing well".

Fidelity International's James Bateman said the prospect of inflation remaining low forever could not last.

Bond yields, which have been a key source of pressure on stocks over the week declined significantly as investors found few places to go for.

"While we have been waiting for a correction in stocks for some time, we don't expect the rout to continue", said Ian Shepherdson at Pantheon Macroeconomics.

The Federal Reserve is expected to raise interest rates at least three times this year.

Now, we want to make sure you know that this isn't a stock market crash. Yields are still very low. Shenzhen's 4.44 per cent loss continued its earlier big losses.

This apparent and ongoing reversal was spurred by a sharp rally in New York, where the Dow Jones industrial average was up in mid-morning trading, after initially crashing by up to 500 points immediately after it opened.

The sell-off Monday was so steep that some market-watchers blamed automated trading systems.

On October 28, 1929, the Dow fell 12.8 percent, or 38.33 points, the height of the worst financial panic Americans had ever seen, feeding into misery that would last for years.

Health-care stocks staged a recovery as the biggest gainers on the index, led by marijuana producers.

The most immediate reason is a fear of inflation.

That came after Congress rebuffed a $700 billion bank bailout plan following the collapse of investment bank Lehman Brothers. The change compared to Friday is within 1.5%.

Bitcoin has slumped in recent sessions as a risk-off mood spread across financial markets. The Nasdaq Composite shed 3.78% to 6,967.53.

Wholesale gasoline lost 4 cents to $1.81 a gallon.

In Europe, the benchmark Stoxx 600 closed down 2.3 per cent after dropping to its lowest level in six months.

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