Stock selloff continues, as U.S. recession fears mount: Live Updates
The Dow, S&P 500 and Nasdaq sank Monday following a sharp selloff in global stocks as fears of a U.S. recession mount with bond yields hitting yearly lows. Apple added to the tech weakness after Warren Buffett sold a big stake. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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A federal judge ruled on Monday that Google parent Alphabet broke federal antitrust laws as it reinforced its dominant position over online searches and advertising.
Before the late day news, shares of were already in freefall along with global stock markets fueling a more than 3% drop for the Nasdaq Composite.
U.S. stocks tumbled Monday, continuing Friday's sharp drop, after a global sell-off whacked equities on fears of a US. recession.
The Dow Jones Industrial Average lost 1,033 points following a 600-plus point drop Friday. The Nasdaq Composite fell over 3%, ditto for the S&P 500 which posted its worst session since September 2022.
Large-cap technology stocks took it on the chin losing nearly $1 trillion market cap as the so-called 'Magnificent Seven' continued to unwind led by Apple after Warren Buffett slashed his stake in the tech giant.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| AAPL | $207.59 | -12.27 | -5.58 |
| AMZN | $160.74 | -7.16 | -4.26 |
| GOOGL | $159.26 | -7.40 | -4.44 |
| TSLA | $198.07 | -9.60 | -4.62 |
| META | $476.05 | -12.09 | -2.48 |
| MSFT | $395.14 | -13.35 | -3.27 |
| NFLX | $597.44 | -16.20 | -2.64 |
The Nasdaq Composite fell more than 6% as trading began on Monday, before recovering some of those losses, led by widely held names including AI darling Nvidia and some of the other so-called 'Magnificent Seven' which have accounted for a good bulk of the Nasdaq's advance this year.
The combined market cap of these names erased over $1 trillion in market value midday but are on pace to lose about $750.2 billion as some of the stocks trim losses. Regardless, this will be the largest one-day market cap dip on record, as tracked by Dow Jones Market Data Group. The current record one-day decline is $744 billion on July 24, 2024.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| NVDA | $100.58 | -6.69 | -6.24 |
| INTC | $20.11 | -1.37 | -6.38 |
| AAPL | $210.09 | -9.77 | -4.44 |
| MSFT | $395.21 | -13.28 | -3.25 |
| AMZN | $160.81 | -7.08 | -4.22 |
| META | $473.82 | -14.32 | -2.93 |
| GOOGL | $162.14 | -4.52 | -2.71 |
Intel also extended its decline following its worst session in decades on Friday after the chipmaker paused its dividend and announced it would cut 15% of its workforce.
Apple fell after Warren Buffett's Berkshire Hathaway disclosed it sold a large position of its holdings in the maker of iPhones and Macs.
A growing chorus of economists are calling on the Federal Reserve to act now and not wait until the presumed September meeting to begin their rate cutting cycle.
Some argue the Fed should have cut rates at last week's meeting.
Monday's heavy trading in U.S. stocks has created execution issues for Charles Schwab, its Ameritrade arm, Robinhood, Fidelity, Vanguard and Morgan Stanley, according to Downdector.com...
Charles Schwab updated clients via X...
| Symbol | Price | Change | %Change |
|---|---|---|---|
| SCHW | $62.05 | -1.34 | -2.11 |
| HOOD | $14.98 | -2.90 | -16.22 |
| MS | $92.32 | -3.53 | -3.68 |
Donald Trump's VP pick JD Vance called out Democratic Presidential nominee Kamala Harris for not addressing the economic uncertainty roiling the U.S. stock market. Jobs, interest rates, the health of the U.S. economy and the stock market, which creates wealth and retirement possibilities, are all major campaign issues for Americans.
Warren Buffett's Berkshire Hathaway did an about-face on Apple, selling a big chunk of shares which added to the weakness in the broader market on Monday.
Apple shares tumbled in tandem with the Nasdaq Composite. So far this year, the stock has gained more than 18%.
It is now on pace for largest percent decrease since September 2022, when it fell 5.87%.
Traders work on the floor of the New York Stock Exchange during afternoon trading on Aug. 2, 2024, in New York City. (Getty Images)
Wall Street's fear gauge spiked early Monday to the highest level in more than four years amid a global market meltdown.
The Cboe Volatility Index, or VIX, helps measure the level of fear among investors. It jumped as much as 172% to 62.27 before trading opened Monday.
That marks the highest level for the index since March 2020, at the onset of the COVID-19 pandemic, when the gauge rose as high as 85.47.
The VIX index is based on the price of S&P 500 stock options and is used to measure expected volatility.
Since the start of the pandemic, the VIX index has been relatively stable, never closing above 40. But it started to surge last week after the weaker-than-expected July jobs report reignited fears of a recession.
Japanese stocks suffered their largest single-day decline since 1987 Black Monday. Other Asian markets followed suit.
The sell-off intensified the broader global sell-off hitting Europe and the U.S.
Bitcoin, which had been on an upward trend this year, followed the rout in global stocks, tumbling to the $50,000 level early Monday. Other crypto prices took a hit as well.
The largest crypto currency by market value hit a 52-week high of $73,462.59 in March 2024.
Markets in Asia led the global stock market sell-off on Monday, as tracked by Dow Jones Market Data Group.
The Nikkei 225 Index is down 4,451.28 points, or 12.40%, today to 31,458.42
Largest one-day percentage decline since Oct. 20, 1987
Off 25.5% from its 2024 closing high of 42,224.02 hit on July 11, 2024
Year to date, it is down 2,005.75 points, or 5.99%.
The Shanghai Composite Index is down 44.64 points, or 1.54%, today to 2,860.70
Largest one-day point and percentage decline since July 23, 2024
Off 9.79% from its 2024 closing high of 3,171.15 hit on May 20, 2024.
Year to date, it is down 114.24 points or 3.84%.
The Hang Seng Index is down 247.15 points, or 1.46%, today to 16,698.36
Largest three-day point and percentage decline since May 31, 2024.
Off 14.96% from its 52-week high of 19,636.22 hit on May 20, 2024.·
Year to date, it is down 349.03 points or 2.05%
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