Tech-Heavy Nasdaq Plunges into Correction Territory as Equity Selloff Intensifies
Wall Street Today: S&P 500 Faces Worst Day Since 2022, Nasdaq Falls three% on Weak US Jobs Data
The S&P 500 experienced a widespread drop of two.Five% in midday trading, placing the stage for its worst day considering the fact that 2022. This additionally marked its first consecutive loss of over 1% when you consider that April.
Nikita Prasad (with inputs from Reuters)
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Wall Street Today: The S&P 500 is heading in the right direction for its maximum excessive decline in reaction to job statistics in nearly years.
On Friday, August 2, Wall Street witnessed deepening losses, with US equities and Treasury yields hitting multi-month lows. A weak jobs document stoked fears that the Federal Reserve might have not on time too lengthy in slicing key hobby fees, potentially leading to a extra giant US monetary slowdown.
Disappointing forecasts from Amazon and Intel impacted excessive-valued technology firms, intensifying the selloff that pushed the Nasdaq Composite index into correction territory. The cooler-than-predicted jobs records further heightened recession fears among traders.
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The Dow Jones Industrial Average plummeted 610 points (1.5%), while the S&P 500 and Nasdaq dropped 1.8% and 2.Four%, respectively, by way of the near of trading.
The Nasdaq entered correction territory after falling over 10% from its current excessive of 18,671.07, set on July 10. This marked the index’s worst day because October 24, 2023.
The Cboe Volatility Index, regularly referred to as Wall Street’s “fear gauge,” surged to 29.Sixty six, its highest degree on the grounds that March 2023, indicating improved volatility across all markets over the subsequent 30 days.
SURPRISING FACT
Amazon founder Jeff Bezos noticed his internet really worth slashed by way of $15 billion as the corporation’s stocks dipped. Other billionaires additionally faced significant losses, with all the international’s 10 wealthiest human beings dropping as a minimum $1 billion. Tesla’s Elon Musk’s internet worth fell by way of $5.3 billion, Meta’s Mark Zuckerberg through $3.8 billion, LVMH’s Bernard Arnault through $3.1 billion, and Oracle’s Larry Ellison by way of $four.8 billion.
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