Global Stock Markets PLUMMET!
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Global stock markets tanked yesterday over concerns of a slowing US economy after a weaker-than-expected US jobs report Friday showed hiring slowed and unemployment rose to its highest rate in nearly three years. The data triggered the "Sahm Rule," when the three-month average unemployment rate rises 0.5 points above its 12-month low, a historically accurate recession indicator.
The US accounts for nearly a quarter of global gross domestic product and can significantly influence global markets. The Dow Jones Industrial Average fell 2.6%, while the Nasdaq composite and S&P 500 declined by 3.4% and 3.0%, respectively. Yesterday’s global decline began with Japan’s Nikkei 225 index, which fell over 12%, its largest single-day percentage drop since 1987. European markets saw major indexes drop around 3%. The turmoil also extended to cryptocurrencies, with Bitcoin falling over 10%.
Separately, losses in the “Magnificent Seven” tech stocks erased more than $650B from their combined market value.
Source: 1440
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