Dow Jones Plunges 1,000 Points Amid Global Market Selloff

The U.S. stock market saw an ugly opening on Monday morning.

Traders work on the floor of the New York Stock Exchange during afternoon trading on Aug. 2, 2024, in New York City. Michael M. Santiago/Getty Images

U.S. stocks took a nosedive on Aug. 5 amid a worldwide stock market selloff as fears of a possible U.S. recession have mounted in recent days.

The Dow Jones Industrial Average dropped 1,033.99 to close at 38,703, while the Nasdaq Composite lost 3.43 percent and closed at 16,200. The S&P 500 slid by 3 percent.