Dow drops 860 points, and Japanese stocks suffer worst crash since 1987 on U.S. economy worries

The S&P 500 was down by 2.4% in midday trading and on track for its worst day since 2022. The Dow Jones Industrial Average was reeling by 864 points, or 2.2%, as of 11:40 a.m. Eastern time, and the Nasdaq composite slid 2.7%.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.

“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.”Of course, the U.S. economy is still growing, and a recession is far from assured.

“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.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Dow drops 860 points, and Japanese stocks suffer worst crash since 1987 amid U.S. economy worriesNearly 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.
Source: denverpost - 🏆 13. / 72 Read more »

Dow drops 1,000 points, and Japanese stocks suffer worst crash since 1987 on U.S. economy worriesNearly everything on Wall Street is tumbling as fear about a slowing U.S. economy worsens and sets off another sell-off around the world.
Source: nbcsandiego - 🏆 524. / 51 Read more »

Dow drops 900 points, and Japanese stocks suffer worst crash since 1987 on U.S. economy worriesNearly everything on Wall Street is tumbling Monday in a sell-off that swept the Earth as fear about a slowing U.S. economy worsens.
Source: Mynorthwest - 🏆 438. / 53 Read more »

Dow drops 1K points, Japanese stocks suffer worst crash since 1987Nearly 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.
Source: KTVU - 🏆 465. / 53 Read more »

Dow drops 1,000 points, and Japanese stocks suffer worst crash since 1987 on U.S. economy worriesNearly 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.
Source: ladailynews - 🏆 332. / 59 Read more »

Dow drops 1,000 points, and Japanese stocks suffer worst crash since 1987 on U.S. economy worriesNearly 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.
Source: denverpost - 🏆 13. / 72 Read more »