On Monday, the NASDAQ, a stock market index that includes nearly every stock on the New York Stock Exchange, had a historic drop following the decimation of the Japanese stock market, the looming threat of war in the Middle East between Israel and Iran, and fears of a slowing US economy marked by the recent jobs report.
On the market open, the NASDAQ fell over 1,000 points, over six percent, for the first time in the NYSE's history. The stock composite fell from 16,776 points to about 15,712 points from Friday's market close to Monday's market open. After briefly rebounding, the NASDAQ, as of 10:30 AM EST, now stands at around 16,109, nearly a four percent fall from Friday's market close.
The bearish market began after Japan's stock market, Nikkei 225, had its worst day since 1987 after falling 12.4 percent in a single day. Stock markets worldwide also plunged, with South Korea's Kospi index dropping 8.8 percent, European stock markets falling over three percent, and cryptocurrencies plummeting, with bitcoin falling 13 percent and Ethereum dropping 18 percent.
Amid the turmoil in the financial markets, analysts are predicting that the Federal Reserve could call an emergency meeting to lower interest rates by half a percent, on top of committing to another half-percent cut during their meeting on September 18. The news of a potential rate cut comes after the US job report found last week that unemployment increased past expectations of 4.1 percent to 4.3 percent.
After years of inflationary spending in Washington, the bill might finally be coming due. The Japanese market crash will have devastating consequences on the global economy, and it could be the beginning of a recessionary spiral that could end a historic bull run.
WATCH:
On the market open, the NASDAQ fell over 1,000 points, over six percent, for the first time in the NYSE's history. The stock composite fell from 16,776 points to about 15,712 points from Friday's market close to Monday's market open. After briefly rebounding, the NASDAQ, as of 10:30 AM EST, now stands at around 16,109, nearly a four percent fall from Friday's market close.
The bearish market began after Japan's stock market, Nikkei 225, had its worst day since 1987 after falling 12.4 percent in a single day. Stock markets worldwide also plunged, with South Korea's Kospi index dropping 8.8 percent, European stock markets falling over three percent, and cryptocurrencies plummeting, with bitcoin falling 13 percent and Ethereum dropping 18 percent.
Amid the turmoil in the financial markets, analysts are predicting that the Federal Reserve could call an emergency meeting to lower interest rates by half a percent, on top of committing to another half-percent cut during their meeting on September 18. The news of a potential rate cut comes after the US job report found last week that unemployment increased past expectations of 4.1 percent to 4.3 percent.
After years of inflationary spending in Washington, the bill might finally be coming due. The Japanese market crash will have devastating consequences on the global economy, and it could be the beginning of a recessionary spiral that could end a historic bull run.
WATCH:
"We have never been down 1,000+ points — EVER, not even intraday — on the Nasdaq."#KAMALACRASH pic.twitter.com/iCXN83vOkQ
— RNC Research (@RNCResearch) August 5, 2024
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- Article Source:
DC Enquirer
- Photo: Fox Business
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