$1.93 trillion wiped out from the US stock market

Over $1.93 trillion has been wiped out from the US stock market so far today as the Nasdaq has dropped over 1,000 points. Officials say the Nasdaq has never been this low, not even intraday.

U.S. stocks fell sharply on Monday as part of a global market sell-off centered around U.S. recession fears. Japan’s Nikkei 225plunged 12% in its worst day since the 1987 Black Monday crash for Wall Street.

The Dow Jones Industrial Averagedropped 1,031 points, or 2.6%. The Nasdaq Composite lost 4.1%, and the S&P 500 slid 3.2%.

Fears of a U.S. recession were the main culprit for the global market meltdown after Friday’s disappointing July jobs report. Investors are also concerned that the Federal Reserve is behind in cutting interest rates to bolster an economic slowdown, with the central bank choosing instead to keep rates at the highest in two decades last week.