The U.S. stock market plummeted in its opening with the Dow Jones industrial average losing more than 1,000 points, or 6%, in the opening moments. It soon pulled back a bit to a loss in the mid-500 range.
The markets had been bracing for a rough opening Monday morning after markets plunged again in China and elsewhere in Asia and Europe amid growing fears about China's slowing economy.
China's benchmark indicator, the Shanghai composite index, tumbled 8.5% on Monday and again triggered a global selloff, extending the rout that erupted Thursday and worsened Friday.
The Nikkei index in Japan skidded 4.