📉 U.S. stocks closed down collectively! "Black Friday" reappears!
The Nasdaq fell 2.43%, and fell 3.35% this week, falling for three consecutive weeks. The S&P 500 fell 1.84%, and fell 2.06% this week. The Dow fell 1.52%, and fell 2.1% this week.
Technology giants fell across the board:
Intel plummeted 26%, the biggest drop since 1982! Amazon fell 8%+, and Tesla fell more than 4%. Microsoft and Google fell more than 2%, Meta, Nvidia, and Netflix fell more than 1%. Only Apple rose slightly against the trend, which was really a "comeback against the wind"!
As concerns about a global recession intensified, the U.S. stock market evaporated more than $2.9 trillion today, which may be the worst day since the epidemic. 📉
🔍 Non-agricultural data unexpectedly broke out, and expectations of a Fed rate cut rose!
The latest non-farm payrolls data has triggered concerns about a recession. US President Biden, Wall Street Journal reporter Nick Timiraos, Senator Warren and former Allianz chief economist El-Erian are not optimistic about the economic outlook.
Biden: Job growth has slowed, but it is still positive against the backdrop of falling inflation. Nick Timiraos: Powell said a recession may require a response from the Fed. El-Erian: Market expectations for the Fed's rate cuts are changing rapidly, and calls for rate cuts are increasing. Seema Shah: The non-farm report shows an economic slowdown, and a rate cut in September is a foregone conclusion.
The market is worried that it may be too late for the Fed to cut interest rates, and CPI data will be key in the coming weeks. 🧐
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