Late at night, the U.S. stock market was shaken! Musk angrily criticized the Federal Reserve: stupid!

U.S. stocks opened low and went high.

On August 5, the three major U.S. stock indexes opened lower collectively. The Dow fell 2.67%, the Nasdaq fell 6.36%, and the S&P 500 fell 4.10%. As of press time, the declines of the three major stock indexes narrowed, with the Dow falling 2.66%, the Nasdaq falling 4.22%, and the S&P 500 falling 3.27%.

The three major U.S. stock indexes opened lower collectively, and Black Monday was not over

On August 5, the three major U.S. stock indexes opened lower collectively. The Dow fell 2.67%, the Nasdaq fell 6.36%, and the S&P 500 fell 4.10%. In terms of sectors, all 11 major sectors of the S&P 500 index opened lower, with information technology and non-essential consumer goods sectors leading the decline.

The "Seven Big Tech Companies" of the U.S. stock market all fell sharply at the opening, with Apple down 9.6%, Microsoft down 4.8%, Nvidia down 14.3%, Google down 6.5%, Amazon down more than 8%, Meta down 7.18%, and Tesla down more than 10.85%. As of press time, the total market value of the above seven technology companies has decreased by 1.29 trillion U.S. dollars, of which Apple fell by 321 billion U.S. dollars and Nvidia fell by 378 billion U.S. dollars.

Fed Goolsbee said that the July employment report only represents "a number" and it is not the Fed's job to respond to one month's employment data. Before the September meeting, the Fed can wait for more data. Options including interest rate hikes and rate cuts have been on the table. If the economy deteriorates, the Fed will take measures to repair it.

"The Fed needs to lower interest rates," Musk wrote on X on August 4, local time. "It's stupid that they haven't done so yet (rate cuts)."

Musk made the above remarks in response to a post on X, which said that Berkshire Hathaway, headed by billionaire investor Warren Buffett, increased its reserves of cash equivalents and short-term Treasury bonds after cutting stock positions (including its largest holding Apple, which was reduced by 50%). "He (Buffett) obviously expects some form of correction, or just thinks there is no better investment than U.S. Treasury bonds." Musk said. $BTC $ETH