U.S. stock markets experienced a sharp decline late Monday, with all three major indices falling more than 1%. The Dow Jones Industrial Average dropped over 821 points.
Most major technology stocks declined, with
Chip stocks broadly retreated. Marvell Technology dropped over 2%, while Advanced Micro Devices, Qualcomm, and Micron Technology fell more than 1%.
Banking stocks moved lower across the board. Morgan Stanley slid nearly 5%, with JPMorgan Chase, Citigroup, and Wells Fargo down about 4%. Goldman Sachs and Bank of America declined more than 3%. Additionally, Visa fell over 4%, its largest daily drop since last June, and Mastercard dropped more than 5%, its biggest decline since April of last year.
Several popular U.S.-listed Chinese stocks also declined. Kingsoft Cloud fell nearly 9%, Kanzhun dropped over 6%, and 21Vianet decreased more than 5%. Tiger Brokers, Vipshop, and GDS Holdings fell over 4%. On the gainers' side, Tuya Smart and Nio rose more than 4%, while Canadian Solar advanced over 3%.
Beyond U.S. equities, major European indices mostly closed lower, with Germany's DAX 30 index falling more than 1%.
International gold and silver prices surged. Spot gold broke through $2,220 per ounce, rising 2.4%, while COMEX gold futures climbed 3.3%. Spot silver increased nearly 4%, and COMEX silver futures jumped over 7%, both exceeding $28 per ounce.
International crude oil futures closed slightly lower. WTI crude for April delivery fell 0.26%, while Brent crude for the same month declined about 0.4%.
Cryptocurrencies collectively dropped. As of 6:43 a.m. Beijing time, Bitcoin fell below $65,000 per coin, with Ethereum, Solana, and other major tokens also declining over 4%. More than 164,000 traders globally faced liquidation in the cryptocurrency market.
Geopolitical tensions in the Middle East contributed to market sentiment. On February 23, sources indicated that the Chairman of the U.S. Joint Chiefs of Staff has been advising the President and senior officials about the significant risks of military action against Iran, including potential prolonged conflict.
The U.S. President later denied media reports suggesting the Chairman opposed military strikes against Iran, stating the reports lacked sources.
An Iranian Foreign Ministry spokesperson warned that any attack on Iran would be considered aggression and carry consequences.
Additionally, foreign ministers from 19 countries issued a joint statement strongly condemning recent Israeli cabinet decisions that significantly alter policy in the West Bank, strengthen control over the area, and accelerate settlement expansion.