Monday saw a huge sell-off in global stocks, with most of the major exchanges falling significantly in value, amid growing concerns about the US economy and an imminent war in the Middle East.

Attacks escalated after airstrike skirmishes between Hezbollah and Israel along the Lebanese-Israeli border began in October. Last week, Hezbollah military chief Fuad Shukr and Hamas leader Ismail Haniyeh were assassinated in Beirut and Tehran, respectively. Iran, Hezbollah and Hamas all blame Israel for the killings and vow to retaliate. Israel has taken responsibility for Shukr’s killing, but not Haniyeh’s, while at the same time not denying its involvement.

Adding to the uncertainty are concerns among investors that the United States could tip into a recession after lower-than-expected job numbers were released last Thursday. The data triggered speculation that the world’s largest economy is not as strong as previously thought.

On Wall Street, the S&P 500 lost 3.1% while the tech-focused Nasdaq Composite Index lost 3.7% of its value after markets opened in New York Monday morning.