03:49 PM EDT, 08/05/2024 (MT Newswires) -- US benchmark equity indexes were down sharply ahead of Monday's close amid recession concerns as investors awaited the week's major corporate earnings.

The Nasdaq Composite was down 3.6% at 16,182.2, while the S&P 500 slid 3.2% to 5,178.2. The Dow Jones Industrial Average dropped 2.8% to 38,629.1. All sectors were lower by more than 1.9% each, with technology seeing the steepest decline at 4.1%.

The Bureau of Labor Statistics on Friday reported a weaker-than-expected jobs report for July, stoking concerns about a potential recession.

"Global stock markets plummeted, with Japanese shares at one point surpassing their 1987 'Black Monday' decline, as concerns about a US recession drove investors away from risk," D.A. Davidson said in a Monday note to clients.

The US 10-year yield fell 2.9 basis points to 3.77%, while the two-year rate added one basis point to 3.88%.

CSX (CSX), Palantir Technologies ( PLTR ) , and Diamondback Energy ( FANG ) , among others, are scheduled to report their latest quarterly financial results after the closing bell.

Walt Disney ( DIS ) , Eli Lilly ( LLY ) , Amgen ( AMGN ) , Caterpillar ( CAT ) , Uber ( UBER ) , CVS Health ( CVS ) , Paramount Global ( PARAA ) , and Hilton Worldwide ( HLT ) are among the major names set to report later in the week.

West Texas Intermediate crude oil fell 0.1% to $73.44 per barrel.