Wall Street is in turmoil on Monday, with mounting fears of a slowing U.S. economy triggering a global sell-off. Early trading saw the S&P 500 plummet by 4%, following its worst week in over three months. The Dow Jones Industrial Average dropped 1,197 points, or 3%, by 9:35 a.m. Eastern, while the Nasdaq composite plunged 5.5%, placing it 15% below its peak from last month. Japan’s Nikkei 225 kicked off Monday by nosediving 12.4%, marking its worst performance since the Black Monday crash of 1987.
“Never been down a thousand points ever. Not even intraday on the NASDAQ,” Fox Business reported Monday morning.
JUST IN: The NASDAQ hits a record, down 1000 points on the day, something that has never been done before.
— Collin Rugg (@CollinRugg) August 5, 2024
“Never been down a thousand points ever. Not even intraday on the NASDAQ,” Fox News reported on Monday.
The development comes as investors are fearful of a… pic.twitter.com/Y03HqDjqEK
The New York Post has more on the economic bloodbath:
Some of the world’s largest tech companies saw their stocks get hammered early on Monday morning.
Nvidia, Meta and Apple all lost 6% of their market capitalization.
Apple, the iPhone maker, was still reeling from the announcement on Saturday that billionaire investor Warren Buffett cut his stake in the company by half — though the Berkshire Hathaway chief remains the firm’s largest shareholder.
Last week, Buffett also sold off $3 billion worth of stock in Bank of America.
Cryptocurrency was also hit hard by Monday’s meltdown in the markets. Bitcoin shed more than 17% of its value while ethereum was down more than 21%.
The global digital currency market lost a total of $1.79 trillion from its market capitalization over the course of the last 24 hours.
Less than a week ago, Joe Biden boasted that he had cured the economy.
"I cured the economy."
— RNC Research (@RNCResearch) August 5, 2024
— Joe Biden (six days ago)pic.twitter.com/SMsXKVfljw
With the economy headed for recession, the one question everyone should be asking is: do we want four more years of this? Of course, we don't. The Harris-Biden administration has spent the past few years patting itself on the back about the economy. The administration ignored the signs of rampant inflation and insisted that there would be no recession. These people have no idea what they're doing, and we're the ones who are the victims of their incompetence.
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Editor’s Note: An earlier version of this story incorrectly stated that the report of the NASDAQ drop came from Fox News. We apologize to our readers for this error.
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