US stocks falls nearly 800 points after bond market flashes recession warnings
A screen displays the Dow Jones Industrial Average after the closing at the New York Stock Exchange in New York, US. August 5, 2019
Dire economic data from China and Germany suggested a faltering global economy, stricken by the increasingly belligerent US-China trade war, Brexit woes and geopolitical tensions. "It's a reactionary market right now and probably will continue to be," Carlson added. "My guess is we're probably in for this until after Labor Day."
Over 300 of the S&P 500's components are down 10 percnet or more from their 52-week highs, according to Refinitiv data. More than 180 of those stocks have fallen more than 20 percentage points from their 52-week highs, putting them in bear market territory. A US House of Representatives oversight panel called on Mylan NV and Teva Pharmaceutical Industries Ltd to turn over documents as part of a review into generic drug price increases.Facebook Inc slid 4.6 percent on news that the European Union's lead regulator is investigating how the social media company handled data during the manual transcription of users' audio recordings.
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