According to Jinshi Data, the U.S. stock market suffered a sell-off on Thursday, with the Dow Jones Industrial Average falling more than 1.6%, the S&P 500 falling more than 2%, and the Nasdaq falling more than 3%. The latest data has triggered market concerns about a recession and the view that it may be too late for the Federal Reserve to start cutting interest rates.
The number of initial claims in the United States in the latest week hit the largest increase since August 2023. The ISM manufacturing index recorded 46.8%, lower than expected, indicating that the economy is shrinking. Chris Rupkey, chief economist of FWDBONDS, said that the economic data showed a downward trend in the economy.
Some companies that may be severely affected by the recession have seen the largest declines, with JPMorgan Chase down nearly 3% and Boeing down more than 7%. Large technology stocks such as Nvidia also felt the pain, with their share prices falling 8%. As the US election approaches in November, the market may see greater volatility and investors may sell their chips.
