Trading in U.S. equities markets was halted moments after the session began on Monday as a plunge in the S&P 500 index triggered a circuit breaker designed to slow another panicky selloff.
The Dow Jones Industrial Average fell more than 2,200 points at the start of trading at 9:30 a.m. ET. The S&P fell more than 200 points, past the 7% decline threshold that sets off a 15-minute halt to trading. The NASDAQ sank nearly 500 points, or more than 6%.
Media stocks were not immune to the downturn. Shares in major conglomerates got a respite on Friday when Disney and others logged double-digit gains after getting hammered the rest of the week. But double-digit drops seemed to be in store for most on Monday.
The market quakes are not a surprise after a busy weekend of extraordinary measures from federal, state and local governments to lockdown all but the most essential workers. Los Angeles and New York City on Sunday evening announced broad closures of bars, restaurants, cafes, movie theaters and other venues where people gather — a disruption that will have ripple effects for businesses and workers for months to come.
More to come…