Stock markets in the United States and Europe fell sharply on Monday following drops in Asia amid rising fears that the American economy is heading for a slowdown.

The Dow Jones Industrial Average, which features America’s 30 biggest listed companies, sank more than one-thousand points, or two-point-six percent, on Monday. 

The S&P 500 slipped three percent, and the tech-heavy Nasdaq fell three-point-43 percent, both posting the largest single-day declines in two years since September 13, 2022. 

Stock markets in Europe dropped less than three percent. 

The falls come after weak jobs data in the U.S. on Friday sparked concerns about the world's largest economy.

The crash in the global stock market is raising speculations that there would be two big rate cuts by the U.S. Federal Reserve in September and November.