DOW Futures Set To Tumble Again As Fear Grips Wall Street
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UPDATE:
The Dow Jones Plunged over 1,000 points to start.
U.S. stocks took a nosedive on Monday morning amid a worldwide stock market selloff as fears of a possible U.S. recession have mounted in recent days.
The Dow Jones Industrial Average dropped 1,072 points, or 2.7 percent, soon after the market opened on 9:30 a.m. ET, following a 611-point loss on Aug. 2. The S&P 500 dropped 4.1 percent, and the Nasdaq Composite sank by a significant 6.3 percent.
The Dow Jones’s worst drop in history in terms of points came in the early part of the COVID-19 pandemic. At that time, it plunged 2,997 points on March 16, 2020, or 12.9 percent.
Dow futures are set to tumble for the third straight day.
At the time of this article being written Dow futures were down 600 points and the S&P 500 and Nasdaq futures were down 2.7% and 4.5% respectively.
This was after July jobs data came in worse-than-expected.
Fear grips Wall Street as US futures set to sink sharply again
US stock futures were set to tumble Monday for the third straight session as investors fears that the US economy is weakening were confirmed by a worse-than-expected July jobs report on Friday in which America’s unemployment rate shot up to 4.3%.
Dow futures were down 600 points, or 1.5%. S&P 500 futures fell 2.7% and Nasdaq futures were 4.5% lower.
The tech-heavy Nasdaq in particular has gotten walloped recently as Wall Street begins to doubt the sky-high valuations investors have assigned to artificial intelligence technologies. Hope that AI would usher in a new era of surging profit has buoyed tech stocks, which have been largely responsible for the overall market hitting record after record this year.
