The drops were just the latest in a global sell-off that began last week. Japan's Nikkei 225 helped start Monday by plunging 12.4% for its worst day since the Black Monday crash of 1987.
Professional investors cautioned that some technical factors could be amplifying the action in markets, but the losses were still neck-snapping. South Korea's Kospi index careened 8.8% lower, stock markets across Europe sank more than 2% and bitcoin dropped...
Even gold, which has a reputation for offering safety during tumultuous times, slipped 1%. That's in part because traders began wondering if the damage has been so severe that the Federal Reserve will have to cut interest rates in an emergency meeting.
"The Fed could ride in on a white horse to save the day with a big rate cut, but the case for an inter-meeting cut seems flimsy," said Brian Jacobse.
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