On Monday, August 5, the US stock market lost about $2 trillion at the opening of trading. This is evidenced by market data.
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Market collapse
Apple shares fell by 5% at the opening, Nvidia – 11%. Other assets are also in the red zone.
The S&P 500 index fell by 2.882%, the Dow Jones — 2.37%, the Nasdaq — 3.08%.
The losses of the so-called “Magnificent Seven” stocks should reduce the total market value of companies by almost $1 trillion.
Reasons
Last week, the US employment report was released, showing the worst figures, than expected. Hiring slowed markedly in July, and unemployment rose to its highest level in nearly three years.
These developments have raised concerns that the Fed will delay cutting rates.
Again, the stock and cryptocurrency markets have been slumping, adding to Japan’s record decline.
Japanese stocks fell on Aug. 5, with the Nikkei 225 index plunging nearly 13% and Japan’s Topix falling as much as 11%, erasing its year-to-date gains.
Over the weekend, Warren Buffett’s Berkshire Hathaway said it had halved its stake in Apple, the conglomerate’s largest stock, in a selloff that has raised concerns about the tech industry’s prospects.
- Shares (Securities) Stock Market
