US stock markets see one of the biggest plunges in nearly two years

The Dow Jones Industrial Average dropped 1,034 points from Monday's opening, or 2.6%. The Nasdaq Composite lost 3.4%, and the S&P 500 dropped 3%.

By Misty Severi

Published: August 5, 2024 4:38pm

U.S. stock markets dropped massively by the end of its business day on Monday, marking one of the worst days for the market since 2022.

The Dow Jones Industrial Average dropped 1,034 points from Monday's opening, or 2.6%. The Nasdaq Composite lost 3.4%, and the S&P 500 dropped 3%, according to CNBC.

The sudden drop comes after July's labor report showed the U.S. economy only added 114,000 jobs last month, and the unemployment rate increased to 4.3%, compared to 4.1% in June.

Dow Jones also closed 600 points lower than it had opened on Friday, which was directly after the jobs report came out. The Nasdaq Composite had slipped into correction territory on Friday, which is when a market falls more than 10% from a recent high.

Monday's results are only the 15th time the Dow has shed more than 1,000 points in a single session, according to FactSet data obtained by CNN.

Misty Severi is an evening news reporter for Just The News. You can follow her on X for more coverage.