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

The S&P 500 was down by 4% in early trading, coming off its worst week in more than three months. The Dow Jones Industrial Average was down 1,197 points, or 3%, as of 9:35 a.m. ET, and the Nasdaq composite slid 5.5% to pull it 15% below its record set last month.The drops were just the latest in a sell-off that swept the Earth. Japan’s Nikkei 225 helped start Monday by plunging 12.4% for its worst day since the Black Monday crash of 1987.

After leaving the federal funds rate steady last week, before several discouraging economic reports hit, Fed Chair Jerome Powell said officials “have a lot of room to respond if we were to see weakness” in the job market after raising their main rate to the highest level in more than two decades. “Markets tend to move higher like they’re climbing stairs, and they go down like they’re falling out a window,” according to JJ Kinahan, CEO of IG North America, who chalks much of the recent worries to euphoria around AI subsiding amid “a market that was ahead of itself.”. Such a move helps boost the value of the Japanese yen, but it could also force traders to scramble out of deals where they borrowed money for virtually no cost in Japan and invested it elsewhere around the world.

Making things worse for Wall Street, Big Tech stocks also tumbled sharply as the market’s most popular trade for much of this year continued to unravel. Apple fell 6.8% Monday after Warren Buffett’s Berkshire Hathaway disclosed that it had slashed its ownership stake in the iPhone maker., the chip company that’s become the poster child of Wall Street’s AI bonanza, fell even more, 11%. Analysts cut their profit forecasts over the weekend for the company after a report from The Information said Nvidia’s new AI chip is delayed. It has trimmed its gain for the year to 92.7% from 170% in the middle of June.

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