Worries about spreading contagion from troubles in China’s property market sent U.S. stocks toward their steepest declines in months on Monday.

Losses for the major U.S. indexes accelerated midday. The Dow Jones Industrial Average dropped 2.6%, or around 900 points, dragged down by shares of Caterpillar and financial heavyweights like Goldman Sachs . The Dow was on pace for its worst day since October 2020. The S&P 500 dropped 2.6%. The technology-focused Nasdaq Composite Index fell 3.1%.

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