Dow drops 1,000 points, and Japanese stocks suffer worst crash since 1987 on U.S. economy worries

A currency trader works near a screen showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Aug. 5, 2024.

“The Fed could ride in on a white horse to save the day with a big rate cut, but the case for an inter-meeting cut seems flimsy,” said Brian Jacobsen, chief economist at Annex Wealth Management. “Those are usually reserved for emergencies, like COVID, and an unemployment rate of 4.3% doesn’t really seem like an emergency.”

Some of Wall Street’s recent declines may simply be air coming out of a stock market that romped to dozens of all-time highs this year, in part on atechnology and hopes for coming cuts to interest rates. Critics have been saying for a while that the stock market looked expensive after prices rose faster than corporate profits.

Still, stocks of companies whose profits are most closely tied to the economy’s strength took heavy losses on the fears about a slowdown. The small companies in the Russell 2000 index dropped 4.3%, further dousing what had been a revival for it and other beaten-down areas of the market. Because the Magnificent Seven companies have grown to be the market’s biggest by market value, the movements for their stocks carry much more weight on the S&P 500 and other indexes.Israel-Hamas war

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