NEW YORK — Nearly everything on Wall Street is tumbling Monday as fear about a slowing U.S. economy worsens and sets off another sell-off for financial markets around the world.
Professional investors cautioned that some technical factors could be amplifying the action in markets, but the losses were still neck-snapping. South Korea’s Kospi index careened 8.8% lower, stock markets across Europe sank more than 1% and bitcoin dropped below $55,000 from more than $61,000 on Friday.
Some of Wall Street's recent declines may also simply be air coming out of a stock market that romped to dozens of all-time highs this year, in part on a frenzy around artificial-intelligence technology 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 sharp losses on the fears about a slowdown. The small companies in the Russell 2000 index dropped 2.8%, further dousing what had been a revival for it and other beaten-down areas of the market. Nvidia, the chip company that’s become the poster child of Wall Street’s AI bonanza, fell even more, 5.5%. 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. The recent selling has trimmed Nvidia's gain for the year to 104% from 170% in the middle of June.
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