U.S. stocks were lower in Monday trading, as investors reacted to the news of the latest downturn in the Chinese markets.
It’s been an ugly summer for Asian equities, and that’s been most evident in China. The Shanghai Index—China’s largest—has fallen a total of 28% since reaching its all-time high on June 12. Monday’s fall of 345 points equaled a total of 8.5%, the largest single-day drop during this downturn.
The fallout carried over to Europe, where major indices were down as much as 2% on Monday. Major companies reported earnings while warning of fallout from the Chinese struggles.
Domestically, the main focus of the week will be the two-day Federal Reserve meeting on Tuesday and Wednesday. After the meeting’s conclusion on Wednesday, investors hope to finally get word on whether interest rates will change in September.
Here are the final numbers from Wall Street on Monday:
Dow Jones Industrial Average: 17,440.59 (-127.94)
NASDAQ: 5,039.78 (-48.85)
S&P 500: 2,067.64 (-12.01)