The Dow Jones Industrial Average suffered its largest intraday point decline in history Monday, falling more than 1,500 points, deepening a market selloff that began late last week.
The Dow Jones Industrial Average fell 1,178 points to 24,343, giving up all of the post-tax reform gains it made since December. The S&P 500 fell 4.1% or 113 points to 2,649 and the Nasdaq dropped nearly 4% to 6,967.
Banks Take Aim at Cryptos
Bitcoin was suffering another down day of trading Monday, falling more than 12% to $7,165 as banks begin to restrict the purchase of digital currencies through their credit cards.
JPMorgan Chase (JPM) , Bank of America (BAC) and Citigroup (C) have all announced new restrictions banning the purchase of bitcoin using their credit cards, sending the digital currency to the doldrums.
"At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved," a Chase spokesperson told CNBC. "We will review the issue as the market evolves."
Kroger Sells Convenience Store Holdings for $2 Billion
Grocer Kroger (KR) is exiting the convenience store space after selling its portfolio of holdings to the U.K.'s EG Group for $2.15 billion.
The company's holdings included Kwik Shop, Loaf 'N Jug, Turkey Hill and Tom Thumb. The 700 stores and 11,000 employees now have new management.
According to Kroger, the portfolio generated $4 billion in revenue in 2016.
White House Is 'Concerned' About Market Selloff
President Donald Trump has taken a lot of credit for the market's gains, so it is only right that he is concerned about its decline over the past two sessions.
"We're always concerned when the market loses any value, but we're also confident in the economy's fundamentals," a White House spokesperson told CNBC.
The Dow Jones Industrial Average was down 125 points Monday morning while the Nasdaq and S&P 500 declined 0.14% and 0.35% respectively.
Bitcoin on its way Down to $7,000
The price of a single bitcoin was down 11.35% over the past 24 hours, testing the currency's support around the $7,000 threshold.
Bitcoin was trading at 7,257.68, a steep drop from its all-time high in the $20,000 range.
Regulatory concerns are driving prices down. Several banks have also stopped supporting the cryptocurrency with Lloyds, Banking Group saying that they "do not accept credit card transactions involving the purchase of cryptocurrencies."
Waymo, Uber Case Heads to Court Monday
Waymo's lawsuit against Uber accusing the company of stealing trade secrets from the Google (GOOGL) -owned property is headed to court in San Francisco Monday.
Uber allegedly stole and used trade secrets related to Waymo's light detection and ranging technology which allows self-driving vehicles to understand their environments.
Waymo accused former Google employee Anthony Levandowski of taking more than 14,000 confidential files with him to Uber when he left Google for the ride-hailing company.
Broadcom Ups Qualcomm Bid to $121 Billion
Broadcom (AVGO) has increased the pressure on it's U.S. semiconductor counterpart, raising its unsolicited takeover bid to $121 billion Monday, sources told news outlets Monday.
The bid values Qualcomm between $80 and $82 per share. The previous bid valued the company at $70 per share consisted of $60 per share in cash and $10 per share in stock.
Broadcom is also reportedly offering a higher-than-usual breakup fee to Qualcomm in case regulators nix the deal.
U.S. futures were soft in premarket trading, indicating another route after the opening bell for markets that have struggled in recent sessions.
Dow futures were down 0.94%, indicating a more than 230 point drop once trading starts. Nasdaq futures were down 47 points and S&P futures indicated a 15 point decline.
World markets weren't fairing much better with the Nikkei dropping 2.55% and the Hang Seng falling 1.09% in Asia.
In Europe, the FTSE 100 and CAC 40 were both declining 1.3% while the DAX fell 0.9%.