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NEW YORK, Aug 5 - Major U.S. stock indexes fell sharply on Monday, with the Nasdaq down more than 3%, as U.S. recession worries shook global markets and drove investors out of risky assets, while Apple shares dropped as Berkshire Hathaway cut its stake in the company.
"The consequence of higher-than-normal monetary policy is a slowing economy. I don't know that there's justification for the apparent panic selling that we've seen in the last few days because the data certainly doesn't suggest a crash landing" in the economy, said Oliver Pursche, senior vice president, adviser for Wealthspire Advisors in Westport, Connecticut.
Traders also attributed some weakness in stocks to unwinding of sharp positions of carry trades, where investors borrow money from economies with low interest rates such as Japan or Switzerland to fund their bets in high-yielding assets elsewhere. Pringles maker Kellanova , soared 15.2% after a Reuters report said candy giant Mars was exploring a potential buyout of the company.
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