NEW YORK (TheStreet) -- Here come the buyers.
U.S. equities moved off of session lows by mid-morning Monday, though remained sharply lower, as opportunists saw a chance to buy after days of declines.
The S&P 500 was down 2.2%, recovering from a drop of more than 5% earlier. The benchmark index moved out of correction territory, though remained down 9.5% from its May record.
The Dow Jones Industrial Average was down 1,089 points at its session low, a bigger one-day point decline than any seen in the financial crisis of 2008. The Dow was down 2% or 330 points by mid-morning.
The Nasdaq slid 2.2% as high-momentum tech stocks were the hardest hit. Apple (AAPL) fell 1%, Alibaba (BABA) slid 3.6%, Twitter (TWTR) tripped 3.1%, Google (GOOGL) slipped 1.4%, and Amazon (AMZN) fell 3.8%. The Technology SPDR ETF (XLK) tumbled 3.1%.
China's Shanghai Composite plummeted 8.5% overnight in what has been dubbed 'Black Monday.' The drop was its biggest one-day percentage decline since early 2007, pushing the index into negative territory for 2015. The index crumbled more than 10% last week after manufacturing data reinforced fears the world's second-largest economy was undergoing a significant slowdown.
Casino stocks with exposure to Asian gambling destination Macau were sharply lower. Melco Crown Entertainment (MPEL) slid 3.8%, Las Vegas Sands (LVS) fell 2%, Wynn Resorts (WYNN) was down 2%, and MGM Resorts (MGM) tumbled 4.6%.