U.S. Stock Indexes Plummet Amid Recession Fears and Tech Selloff

Major U.S. stock indexes fell sharply on Monday, driven by recession worries and a significant drop in Apple shares as Berkshire Hathaway reduced its stake. Market jitters followed weak economic data and a poor jobs report. Meanwhile, U.S. Treasury yields dropped to their lowest in a year.

Major U.S. stock indexes fell sharply on Monday, with the Nasdaq down more than 3%, as recession worries rattled global markets and pushed investors away from risky assets. Apple shares sank after Berkshire Hathaway cut its stake in the tech giant.

The losses were tempered slightly as data showed a rebound in U.S. services sector activity for July. Apple shares fell by 4.4%, contributing to the market decline as investors reacted to billionaire Warren Buffett's decision to reduce his Berkshire Hathaway's stake in the company.

Additionally, tech stocks like Nvidia and Microsoft took significant hits, while U.S. Treasury yields plummeted to their lowest level in a year amid growing expectations of a downturn. The broader economic implications of these moves have traders closely watching the Federal Reserve's next steps on interest rates.

(With inputs from agencies.)