Black Monday: DOW Down 1033 Points
S & P and NASDAQ both down by 3 or more percent..... Japanese financial markets fell 27% since July 2024
UPDATED MON, AUG 5 20244:26 PM EDT
Dow tumbles 1,033 points, S&P 500 posts worst day in years in global market sell-off: Live updates
Stocks fell sharply on Monday, with the Dow Jones Industrial Average posting its worst day in nearly two years, as worries over the health of the U.S. economy sparked a global market sell-off.
The Dow dropped 1,033.99 points, or 2.6%, to end at 38,703.27. The Nasdaq Composite lost 3.43% and closed at 16,200.08, while the S&P 500 slid 3% to end at 5,186.33. The blue-chip Dow and S&P 500 registered their biggest daily losses since September 2022.
Japan’s stock market posted its worst drop since Wall Street’s Black Monday in 1987, contributing to fears of global turmoil in the markets.
Fears of a U.S. recession were the main culprit for the global market meltdown after Friday’s disappointing July jobs report. Investors are also concerned that the Federal Reserve is behind in cutting interest rates to bolster an economic slowdown, with the central bank choosing instead to keep rates at the highest in two decades last week.
Investors are continuing to sell off megacap tech stocks and the once-hot artificial intelligence trade. Tech shares were among the worst performers Monday:
Nvidia tumbled 6.4% Monday, bringing its decline from its 52-week high to nearly 29%.
Apple cratered 4.8% after Warren Buffett’s Berkshire Hathaway cut its stake in the iPhone maker in half.
Other losers included Tesla, down 4.2%, and Super Micro Computer, down 2.5%.
In Asia overnight, Japan stocks confirmed a bear market as Asia-Pacific investors had their first chance to react to the sour jobs figures in the U.S. from Friday. The 12.4% loss on the Nikkei, which closed at 31,458.42, was the worst day for the index since the “Black Monday” of 1987 hit Wall Street. The loss of 4,451.28 points on the index was also the largest in terms of points in its entire history. The Dow lost more than 22% in a single day on Black Monday.
read more at
https://www.cnbc.com/2024/08/04/stock-market-today-live-updates.html