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US stocks fall ahead of Trump-Clinton debate showdown

Wall Street stocks tumbled Monday ahead of the first debate in the tightening US presidential campaign, and as worries about Deutsche Bank hit US financial stocks.

US-traded shares of the embattled German banking giant slumped 7.1 percent on reports that Berlin has refused state aid to fortify its capital base. That selloff spilled over into US banks: Bank of America and Goldman Sachs both lost more than two percent.

The market was also uneasy over the debate Monday night between Republican presidential nominee Donald Trump and Democrat Hillary Clinton, said Peter Cardillo, chief economist at First Standard Financial.

"The market is beginning to realize that it may not be an easy win for Clinton," Cardillo said. "Normally a Republican win would be positive for the stock market, but with Trump it may create a lot of uncertainties."

The Dow Jones Industrial Average dropped 0.9 percent to 18,094.83.

The broad-based S&P 500 lost 0.9 percent at 2,146.10, while the tech-rich Nasdaq Composite Index shed 0.9 percent to 5,257.49.