Stocks are getting whacked
- The Dow is set to open lower by about 220 points on Monday following last week's slide.
- Monday's selling comes as stock markets around the world are under pressure.
- Watch the Dow trade in real time here.
The US stock market is set for another day of selling on Monday.
After a 666 point drop in the Dow Jones industrial average on Friday, premarket trading of the index has it down another 220 points on Monday. Friday's decline marked the biggest single-day point drop since October of 2008, when the Troubled Asset Relief Program didn't pass, and was attributed to high wage growth, disappointing earnings and the slumping price of oil. The 2.56% decline was the largest since Brexit.
Global markets are selling off on Monday too. Japan's Nikkei index closed down 2.56% and Britain's FTSE is down 1.28%.
Many of the mega-cap tech names that reported earnings last week are also down early on Monday. Apple, Amazon, Microsoft, Facebook, and Google are all down 1.5% to 2%.
Broadcom extended another offer for rival chipmaker Qualcomm. The previous $103 billion bid was upped to $120 billion, even though Qualcomm has previously said it is not interested in selling.
Wells Fargo is among the biggest losing stocks Monday morning. Shares of the bank are down 6.82% to $59.70 after the Federal Reserve barred the bank from growing any larger until is improves its compliance and governance policies.
