The Globe and Mail reports in its Tuesday, Aug. 6, edition that global stock markets dropped on Monday amid concerns of a potential U.S. recession, leading to a sell-off of tech stocks and other risky assets. The Globe's Mark Rendell writes that the S&P 500 fell 3 per cent, while the Nasdaq Composite dropped 3.4 per cent -- the biggest one-day declines since September, 2022. Japan's main stock index fell 12.4 per cent, the largest decline since Black Monday in 1987. Canadian markets were closed on Monday. The market rout, which saw the Dow Jones index tumble more than 1,000 points, or 2.6 per cent, reflects a sudden shift in narrative about the American economy. After weaker-than-expected U.S. employment data last week, investors worry that the Federal Reserve has miscalculated and held interest rates too high for too long, jeopardizing a soft landing for the world's largest economy. These fears about the economy are blending with waning enthusiasm for large-cap technology stocks. The sell-off in stocks, which started with a bang on Monday morning then moderated somewhat throughout the day, was accompanied by wild swings in bond markets, as traders reassessed their outlook for U.S. monetary policy in real time.