Wall Street bloodbath: Dow, Nasdaq plummet as renewed recession fears trigger global sell-off
SUMMARY
Wall Street experienced a dramatic downturn on Monday as recession fears sparked a global sell-off. The Dow Jones Industrial Average plummeted over 1,100 points, while the Nasdaq Composite fell nearly 5%, deepening its recent correction. Overseas, the Tokyo Nikkei index saw its worst day since 1987, dropping 12.4%, and European stocks hit six-month lows. Major tech companies, including Nvidia, Meta, and Apple, suffered steep losses. Apple was also affected by Warren Buffett's decision to halve his stake in the company. Cryptocurrencies were not spared, with Bitcoin and Ethereum plunging over 17% and 21%, respectively. Analysts at Goldman Sachs increased the likelihood of a 2024 recession, raising concerns about the Federal Reserve's response. Despite the chaos, some analysts, like Dan Ives of Wedbush Securities, urged investors not to panic, viewing the sell-off as a buying opportunity.
