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Photo by Spencer Platt/Getty Images

U.S. stocks closed more than 7% lower on Monday, after a wild day for the stock market that saw a rare halt in trading.

Why it matters: The sell-off reflects serious fears that the oil price drop and the coronavirus could throw the economy into a recession.

By the numbers: Wall Street saw its most dramatic day since the depths of the financial crisis.

  • The S&P 500 closed down 7.6%, while the Nasdaq Composite sank 7.3%. The Dow Jones Industrials Average closed down 7.8% (or more than 2,000 points).
  • Oil prices dropped over 20%.
Data: FactSet; Chart: Axios Visuals

Investors are fleeing to safe-haven assets. In a sign of the high demand for government bonds, the yield on the U.S. 10-year note — the benchmark government bond — fell to new lows.

Between the lines: Wall Street is on the brink of ending its decade-long bull market run. As of Monday's close, the S&P 500 is 18% below its record high. (A 20% decline from record levels would technically end the bull market.)

  • Of note: Today is the 11th anniversary of the stock market's bottom.

The bottom line: Investors aren't confident in the fate of the global economy. There are more and more calls that a recession is inevitable.

  • "You have coronavirus fears underway, which were already threatening a global recession," Seema Shah, a strategist at Principal Global Investors, which oversees nearly $500 billion in assets, tells Axios.
  • "Against that backdrop, to then have the oil price shock is something global markets and the global economy weren't even close to prepared for."

Go deeper

Updated 18 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Top HHS spokesperson pitched coronavirus ad campaign as "helping the president" — Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases — Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  4. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.
Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

Leon Black says he "made a terrible mistake" doing business with Jeffrey Epstein

Photo illustration: Sarah Grillo/Axios. Photo: Rick Friedman/Corbis/Getty Images

Apollo Global Management CEO Leon Black on Thursday said during an earnings call that he made a "terrible mistake" by employing Jeffrey Epstein to work on personal financial and philanthropic services.

Why it matters: Apollo is one of the world's largest private equity firms, and already has lost at least one major client over Black's involvement with Epstein.

4 hours ago - World

Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.