Fears of significant rate increases cause Wall Street to open lower; the Nasdaq is down about 1%.

At the opening, the Dow Jones Industrial Average dropped 99.56 points, or 0.32%, to 30,722.86.

Concerns that another significant interest rate hike by the Federal Reserve could send the U.S. economy into recession caused Wall Street’s major indexes to open lower on Monday, continuing drops from the previous session.

At the start, the Dow Jones Industrial Average dropped 99.56 points, or 0.32%, to 30,722.86.

The Nasdaq Composite fell 109.84 points, or 0.96%, to 11,338.57 at the opening bell, while the S&P 500 opened lower by 23.42 points, or 0.60%, at 3,849.91.