U.S. stocks plummeted Monday as the Dow, the S&P 500, and the Nasdaq were all down at the opening bells due to a global selloff and heightened concerns about the U.S. economy following Friday’s jobs report and other economic indicators.
The Dow was down 833 points as of press time, with the S&P 500 dropping 3.1% and the Nasdaq dropping over 3.6%.
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Japan’s stocks dropped 12% Monday, reportedly the country’s worst day since 1987 during Wall Street’s “Black Monday.”
The panic was brought on by last Friday’s jobs report, showing the unemployment rate in the U.S. was 4.1% in June, which economists said should point to a Fed rate cut in September.
Tech stocks have fallen sharply, with Nvidia down 5% and Tesla, down 5.8%.
Investors have been panic-selling tech, oil, and crypto stocks amid the fear. If the NYSE index drops by 7%, it could trigger a halt in trading.
Bloomberg reports traders are betting an emergency rate cut takes place this or next week, something the Fed rarely does outside of its scheduled meetings.
This is a developing story.
