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Financials, tech shares lead US stocks lower

AFP

Wall Street stocks finished sharply lower Monday, joining a European equity rout, as fears of an economic slowdown weighed especially hard on financial and technology shares.

At the closing bell, the Dow Jones Industrial Average was down 1.08 percent, the S&P 500 1.41 percent and the Nasdaq Composite Index 1.82 percent.

Banking shares fell sharply, with Bank of America plunging 5.3 percent and Morgan Stanley 7.0 percent. Among tech names, Facebook lost 4.0 percent and Amazon 2.8 percent.

US stocks rallied a bit from their intra-session lows, but "you still have a big down day," said Art Hogan, chief market strategist at Wunderlich Securities.