This comes in the wake of last week's dismal economic figures that sent shockwaves through global markets.
According to One America News, the Dow Jones Industrial Average plunged over 1,100 points after the opening bell, and the Nasdaq Composite fell nearly 5%, having entered correction territory just last week. The ripple effects of this downturn were felt globally, with Tokyo's Nikkei index experiencing its worst single-day drop since the infamous "Black Monday" crash of 1987, closing 12.4% lower. European stocks also took a hit, falling to near six-month lows.
Moreover, the pan-European STOXX 600 index dropped 2.6% to 487.15 points, its lowest since February. Tech giants Nvidia, Meta, and Apple were not spared, each losing 6% of their market capitalization. Apple, in particular, is still reeling from the announcement by billionaire investor Warren Buffet last weekend that he had halved his stake in the company. Buffet also offloaded $3 billion worth of stock in Bank of America.
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The cryptocurrency market was not immune to the downturn either. Bitcoin and Ethereum saw their values plummet by over 17% and 21% respectively. In the past 24 hours, the global digital currency market has lost a staggering $1.79 trillion from its market capitalization.
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This market turbulence follows the release of last week's job report figures, which revealed that hiring fell short of expectations, sparking fears of a potential recession on Wall Street. Investment banking giant Goldman Sachs responded by increasing the odds of a recession next year from 15% to 25% on Sunday.
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The disappointing jobs report and the global stock sell-off have led analysts to anticipate that the Federal Reserve may intervene with emergency interest rate cuts. "The Federal Reserve has been late in cutting rates, but that has been true for some time," Paul Donovan, a UBS economist, wrote in a client note Monday morning, as cited by the New York Times. "The policy error is making things worse for lower-income households."
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Before Monday's market plunge, there was a 78% chance that the Fed would not only cut rates in September but also reduce them by a full 50 basis points. As the markets continue to reel, it remains to be seen how the Federal Reserve will respond to this economic turbulence.
