Losses continue in US index futures, which fell sharply on Friday. The Nasdaq 100 futures index is down 6.5 percent, while S&P 500 futures are down 2.5 percent and Dow Jones futures are down 1.6 percent.
Major tech stocks led the sell-off. Shares of chipmaker Nvidia fell 8.8 percent, while Apple shares dropped 6.6 percent.
Billionaire investor Warren Buffett's sale of nearly half of his Apple shares accelerated the sell-off in tech stocks. Driven by the impact of the upcoming elections in the US, tech stocks have entered correction territory, led by the sell-off.
RECESSION EXPECTATIONS IN THE ECONOMY HAVE INCREASED
A sell-off wave is also occurring in global markets. As Japanese stock markets entered a bear market, the yen continued its rise against the dollar. Data released in the US on Friday showing an increase in unemployment has heightened expectations of a recession in the economy.
LARGEST INTRADAY DROP SINCE MARCH 2022
The Fed's failure to take action on interest rate cuts has triggered recession concerns. Following the historic drop in the Japanese stock market, markets in Europe were also affected by the wave of declines. The benchmark Stoxx 600 index recorded its largest intraday drop since March 2022, falling 3.2 percent.
The index also experienced its largest weekly loss in 9 months last week, falling 2.9 percent as recession concerns spread globally. The CAC 40 index in France has fallen more than 10 percent from its recent peak.
News Source: 12punto
