$2.9 trillion was wiped off global stock markets on Friday, August 2, as fears of a global recession and geopolitical tensions sparked a massive sell-off. The slump affected markets worldwide, with the S&P 500 heading for its worst session in around two years. Major tech companies like Amazon, Intel, and Nvidia experienced significant drops. The Nikkei 225 in Japan tumbled 5.8%, while European and Asian markets also saw substantial losses. Analysts attribute the sell-off to a combination of weak US economic data, disappointing tech earnings, and concerns over a potential escalation of tensions in the Middle East. This market crash is the worst since the COVID-19 pandemic in March 2020.

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