On Monday, stock markets around the world tumbled with some like the Japanese Nikkei having their worst day since 1987.
"A lot of these companies, the Magnificent Seven and companies beyond that, they're spending a lot of money on artificial intelligence, but the payoff is a little bit further down the road," said Scott Wren of the Wells Fargo Investment Institute.The selloff was caused by a myriad of factors, says economist Julia Pollak.
"The private sector excluding health care and social assistance added only 33,000 jobs in this last report, and that is well below the 137,000 average between 2015 and 2019," she said.MORE:She thinks despite the panic on Wall Street, the economy will not enter a recession in the near future. "As a result, normalization has looked like a pretty steep drop but from unsustainable heights," Pollak said.Tesla shares plummet after company reports falling profitsMason says it's important to remember that stock market fluctuations are cyclical and that overall the market is still up since the start of the year.
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