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New York - US stocks fell sharply for the second session in a row on Monday as global financial markets continued to reel from Britain's vote to leave the European Union.
Losses were fairly broad-based, but especially hard-hit sectors included banks, travel and technology stocks. Energy and materials stocks also retreated as commodity prices tumbled.
"At this point, we know the implications of Brexit are negative for global markets, but absent a full understanding of what the exit will look like, markets are embracing a risk-off mentality and you're seeing that play out across the globe," said David Levy, portfolio manager at Republic Wealth Advisors.
The Dow Jones Industrial Average lost 1.5% at 17 140.24.
The broad-based S&P 500 dropped 1.8% to 2 000.54, while the tech-rich Nasdaq Composite Index tumbled 2.4% to 4 594.44.
Bank of America sank 6.3% and JPMorgan Chase 3.3%. The Brexit is expected to force large US banks to make costly changes to their European operations, which have been headquartered in London.
Shares of larger technology companies were under pressure, with Microsoft and Facebook both losing 2.8% and Netflix 3.5%. Apple fell 1.4%.
Boeing lost 3.0%, Caterpillar 2.3% and General Motors 3.0% on expectations that the Brexit will curb global economic growth.
Priceline fell 3.7%, American Airlines 6.6% and Marriott International 4.2%, with analysts pointing to potential hits to corporate travel due to uncertainty over business investment in Europe.
Petroleum-linked shares tumbled on lower oil prices, with Apache falling 5.2%, Halliburton 4.6% and Schlumberger 2.1%.
