CNBC Daily Open: Dow sheds 1,000 points

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

Wall Street sinks
The Dow Jones Industrial Average and the S&P 500 suffered their sharpest declines in nearly two years, as growing concerns about the U.S. economy rocked global stock markets. The Dow plummeted over 1,000 points, while the S&P 500 and Nasdaq Composite fell 3% and 3.4%, respectively. Tech stocks were hit hard, with Nvidia and Tesla losing 6.4% and 4.2%. Apple‘s shares also declined 4.8% after Berkshire Hathaway slashed its stake. The yield on the 10-year Treasury note reached its lowest point since June 2023, while U.S. oil prices slipped to their lowest settle since Feb. 5. 

Google monopoly
A federal judge ruled Google holds an illegal monopoly in the search and text advertising markets. The decision focused on Google’s exclusive search arrangements on Android and Apple devices, which the court said reinforced its dominance. “Google is a monopolist, and it has acted as one to maintain its monopoly,” Judge Amit Mehta wrote in the decision. The ruling stems from combined antitrust suits filed by the Department of Justice and several states in 2020.

Emergency rate cut?
Wharton finance professor Jeremy Siegel urged the Federal Reserve to make an emergency 75-basis-point cut in the federal funds rate following Friday’s disappointing jobs data. He also suggested another 75-basis-point cut at the September meeting. Siegel believes the current fed funds rate “should be somewhere between 3.5% and 4%,” citing the higher-than-expected unemployment rate and declining inflation as reasons for the cuts. “How much have we moved the fed funds rate? Zero,” he said. “That makes absolutely no sense whatsoever.”

Fed will ‘fix it’
Chicago Federal Reserve President Austan Goolsbee said the central bank would react to signs of weakness in the economy and indicated that interest rates could be too restrictive now. “The Fed’s job is very straightforward: maximize employment, stabilize prices and maintain financial stability. That’s what we’re going to do,” Goolsbee told CNBC’s “Squawk Box.” “We’re forward-looking about it. So if the conditions collectively start coming in like that on the through line, there’s deterioration on any of those parts, we’re going to fix it.”

Bitcoin tumbles
Amid global recession fears, cryptocurrencies plummeted with bitcoin experiencing its worst day since June 2022, dropping as much as 15% to a low of $49,111.10 on Monday. Bitcoin has lost nearly 15% since Saturday. “Thirty percent slumps, as scary as they are, are par for the course during bull markets and it’s encouraging bitcoin bounced back above…