In a dramatic twist, the oil market’s main index on Wall Street fell on the grounds of a possible recession in the US economy. The sell-off happened after the American economy released poor economic figures that gave hints of a possible recession.
The Dow Jones Industrial Average (DJI) was up early with loud thunder and plummeted by 681. 07 points, or 1. 71%, to 39,056. 19. However, the losses continued to increase as the session continued, and the index shed an additional 1,176 points, or 2. 96%, to 38,560. 29.
The S&P 500 (SPX) was also down 195. 42 points, or 3. 66%, to 5,151. 14. The Nasdaq Composite (IXIC), which is mostly composed of technology stocks, sank the most by 1,063. 63 points, or 6. 34%, to 15,712. 53.
The sell-off was especially deep before the market opening, with the group of seven stocks, which helped the indices reach record high prices, set to shed a total of $1. 3 trillion market value has been pushed. Shareholders have been swayed to own more of the firm, value has gained ground, and stock market sales have increased.
Big, prominent stocks such as Apple Inc. , Berkshire Hathaway, Nvidia Corporation, Tesla Inc., Microsoft, and many more were trading lower by 3% to 8% in the initial market as the selling spree remained dominant across Wall Street.
Depending on the country, the losses ranged from average to enormous; thus, stock exchanges in Asia, Europe, and other parts of the world experienced significant meltdowns. Also, bond yields went down as people searched for safer places to invest following the rise of worries about the recession.
The sign cause of the market turmoil has been the expectation that the US Federal Reserve will have to lower interest rates deeply to stimulate growth.
During the trading session, investors kept being alert, watching the actions, and waiting for the possible signal connected with the further development of the current economic problems.
