The U.S. stock market main indexes slumped on Monday as fears of America falling into recession mounted following weak economic data last week that has also rippled through global markets.
Shubham Batra and Shashwat Chauhan for Reuters:
The selloff was brutal, with the so-called Magnificent Seven group of stocks – the main driver for the indexes hitting record highs earlier this year – set to lose a combined $1 trillion in market value.
Apple fell 4.6% after Berkshire Hathaway halved its stake in the iPhone maker, suggesting that billionaire investor Warren Buffett is growing wary about the broader U.S. economy or stock market valuations that have gotten too high.
Nvidia slid 5.6% after reports of a delay in the launch of its upcoming artificial-intelligence chips due to design flaws.
Microsoft and Alphabet fell about 3% each.
A weak jobs report and shrinking manufacturing activity in the world’s largest economy, coupled with dismal forecasts from the big U.S. technology firms, pushed the Nasdaq 100 and the Nasdaq Composite into a correction last week.
The disappointing jobs data also triggered what is known as the “Sahm Rule”, seen by many as a historically accurate recession indicator. U.S. Treasury yields tumbled to their lowest in a year and a closely watched gap between two- and 10-year Treasury notes turned positive for the first time since July 2022, usually indicating U.S. economy is heading into a downturn.
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MacDailyNews Take: Currently, AAPL shares have rebounded from their pre-market lows and are down roughly 4.5% – which may be of interest to those of us who like to accumulate on the dips.
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Thanks libturds! You are too fscking stupid to know the damage you have done
I voted for DJT and will again in ’24. With that said, it is ignorance to say this crash is all on the D’s. Trump led with $$ freedom in mind…lowering taxes, cutting useless regs and trying to preserve American biz sovereignty, but he had a prob with debt. In fact, he did nothing about the debt…but, increased it massively, in fact. You cannot return tax $$ to the citizens, w/o cutting expenses, but he did. Debt costs money…if requires “creating money” to pay for it. This causes inflation. Biden’s policies are WAY worse…the pain and long term costs may be insurmountable in the already spinning debt-spiral.
I sure am glad they stole the 2020 election.
Me too! I hope they do the same in November
not big on facts, huh?
VOTERS HAVE A CHOICE — TRUMP PROSPERITY, OR THE KAMALA CRASH & GREAT DEPRESSION OF 2024, NOT TO MENTION THE PROBABILITY OF WORLD WAR lll IF THESE VERY STUPID PEOPLE REMAIN IN OFFICE. REMEMBER, TRUMP WAS RIGHT ABOUT EVERYTHING!!!
Lies from a felon or an attempt to rebuild the working class. You can view the last 3 years of economic data to see for yourself that the paid spammers on this site are disconnected from reality. If you want more federal debt and more inflation and more lies and juvenile name calling , Trump is your man. If you want to invest in US infrastructure and stop the endless loopholes for the corporations and oligarchs, vote blue.