Lots of instability..
Wall Street’s stock sell-off intensified in a major way Monday as concerns mounted over the health of the US economy.
The Dow Jones Industrial Average (^DJI) fell about 1,000 points. The Nasdaq Composite (^IXIC) was crushed roughly 3.5% after the tech-heavy index entered into a correction with Friday’s sharp losses. The S&P 500 (^GSPC) losses cascaded about 3%.
( Dow Jones was down just over 1000 points a short time ago)
The global stock market is in the midst of a rapidly intensifying sell-off after Friday’s lackluster US jobs report added to concerns about the economy and on whether the Federal Reserve had waited too long to begin cutting interest rates. Of note, almost 100% of bets are on the central bank to cut rates by 0.5% by its September meeting, according to the CME FedWatch tool.
Some of the biggest companies in the stock market saw their values plummet at the open. Apple (AAPL) declined 4% amid the sell-off, and also after news that Berkshire Hathaway (BRK-B) had cut its stake in the company in half. Nvidia’s (NVDA) pull back continued, as it dropped as much as 13% before paring some of its losses. Tesla (TSLA) plunged more than 9%.
Crypto also took a beating, with Bitcoin (BTC-USD) sinking more than 10% to creep back toward the $54,000 level.
The concerns have spread throughout the world, as well. Traders in Asia greeted the week with a similar sell-off, as Japan’s Nikkei 225 (^N225) was routed by more than 12% in its biggest-ever daily loss. In commodities, meanwhile, oil was near its lows of the year, with WTI crude futures (CL=F) trading above $72 a barrel.
Online brokers are struggling to keep up with Monday’s market mayhem
According to data from Downdetector, online brokerages including Charles Schwab (SCHW), Robinhood (HOOD), Interactive Brokers (IBKR), Fidelity, Vanguard, and E-Trade were all having connectivity issues early Monday.
Stocks plunge, as tech leads losses and Dow drops over 1,000 points
The major averages plunged on Monday morning as markets abroad have sold off and amid intensifying worries about a weakening US economy.