The S&P 500 consumer staples index fell to an eight-month low and was last down 4%.

The S&P 500 information technology index fell to its lowest point in two months and was last down 5.3%.

Shares of U.S. payment companies fell, with Visa down 2.4%, American Express (AXP.N) down 3.9% and Mastercard (MA.N) down 1.74%. Paypal (PYPL.O) fell 4.1%, Block fell 5.9%, SoFi fell 7.3% and Affirm fell 8.1%.

The final value of the US S&P Global Composite PMI in July was 54.3, compared with 55 in the previous month.

Latin American stocks fell 3.6% to their lowest level since March 2023.

Before the opening of the U.S. stock market, the S&P 500 futures narrowed their losses to 3.6%, and the Nasdaq 100 futures fell 4.7%.

Goldman Sachs: Japan-focused hedge funds lost 3.7% on Monday, the biggest one-day drop on record. Hedge fund managers focused on the Japanese market have lost 7.6% over the past three trading days.

The Chilean peso opened 2.07% lower against the U.S. dollar.

According to India Today: Sheikh Hasina, who resigned as Prime Minister of Bangladesh, arrived in Hindon near New Delhi, India.

Market news: Serbia and Romania reached an agreement to jointly build a cross-border natural gas pipeline.

The Baltic Dry Index rose 0.12% to 1,677 points.

IBM (IBM.N) has launched a new generation of generative artificial intelligence-driven cybersecurity assistant for threat detection and response services.

Elon Musk has filed a lawsuit against OpenAI CEO Sam Altman, court documents show.

The ICE/Bank of America U.S. Junk Bond Index spread posted its biggest one-day gain since March 2023 amid recession fears. The ICE/Bank of America U.S. Investment Grade Corporate Bond Index option-adjusted spread posted its biggest gain since May 2023.