The S&P 500 fell 2.7% to its lowest level since September, while the Nasdaq dropped 4%. Notably, leading tech companies suffered heavy losses, with a total market cap loss of over $750 billion in one day.

JPMorgan and Goldman Sachs have raised recession probabilities, contributing to a wider sell-off in risk assets. The cryptocurrency market has also seen declines, with Bitcoin reaching $76,784 before a minor bounce back.