The Dow Jones Industrial Average dropped more than 500 points within the first five minutes of trading after the Brexit vote, with each of its component stocks declining in value, Marketwatch reports..
That’s about a 2.8% decline—by comparison, the single biggest one-day percentage drop of the 2000s was a 7.87% decline on Oct. 15, 2008.
The Nasdaq similarly dropped more than 3% in early trading, and the S&P 500 saw its worst open in roughly 30 years, also trading down about 2.6%, CNBC reports. The Federal Reserve says it is “carefully monitoring” the situation and “prepared to provide dollar liquidity” if needed.
Bank stocks, including Goldman Sachs, JPMorgan Chase, Citigroup, and Bank of America, were all down in early trading.
As always, though, it’s tough to say how today will end—just because markets opened down doesn’t mean they’ll end the day as weakly as they started it.SM