Wall Street is likely to be a bloodbath today.
The first warning signs were on Friday, culminating on Sunday night
when all hell broke loose in Asia. The Nikkei had its worst day since
1987, sinking nearly 4,000 points. It suspended trading after sinking
nearly eight percent. South Korea’s stock exchange halted all sell
orders as a looming wave of brutality is expected to hit Wall Street
this morning. We’ll update this post accordingly, but a drubbing on the
New York Stock Exchange shouldn’t surprise anyone. Also, don’t look at
your 401ks (via CNBC):
U.S. stock futures fell Sunday night following a volatile
week for Wall Street, in which the Nasdaq Composite dropped into
correction territory.
Wall Street is coming off a brutal week for
the major averages. On Friday, the Nasdaq capped a third straight week
of losses, bringing the tech-heavy index down more than 10% from a
record set last month.
The S&P 500 also posted a third
straight losing week, down 2% for the week. Even the Dow Jones
Industrial Average, which had been outperforming, snapped a four-week
win streak, falling 2%.
Treasury yields tumbled as well. The
benchmark 10-year note on Friday yielded 3.79%, down from where it was
one week previously at 4.20%.
The recent pullback in stocks was
exacerbated Friday when a disappointing jobs report spurred investor
fears the Federal Reserve made a mistake last week when it kept interest
rates unchanged, and that the economy is headed toward a recession.
BREAKING: Japan's Nikkei stock index down over 4,000 points, largest drop in its history
— BNO News (@BNONews) August 5, 2024
JUST IN: π―π΅ Japan's stock market suffers worst losses since 1987.
— Watcher.Guru (@WatcherGuru) August 5, 2024
BREAKING:
The Nikkei 225 futures trade is suspended due to a circuit breaker,
Japanese market down 8%, headed to one of worst three days in Japan
market history
— unusual_whales (@unusual_whales) August 5, 2024
π¨π°π·BREAKING: SOUTH KOREA HALTS STOCK SELL ORDERS AMID MARKET VOLATILITY
In
a dramatic move, South Korea has halted all sell orders on stocks for
program trading as the sell-off in global equities intensifies.
The country's benchmark KOSPI index has tumbled 5% amid the market… pic.twitter.com/5B8MA5hlfS
Well, it’s almost a year later, Chuck. https://t.co/mRZvJm99Ch
— John Ekdahl (@JohnEkdahl) August 5, 2024
JUST IN: $366 million liquidated from the cryptocurrency market in the past 60 minutes.
— Watcher.Guru (@WatcherGuru) August 5, 2024
The Japanese stock market looks like it's experiencing Black Monday right now, holy shit. pic.twitter.com/vylm14uXYe
— TEN (@TenLetters100) August 5, 2024
π¨Japan’s Stock Market essentially just got vaporized like it was nothing.
π¨ Ethereum is down 20% in 30 minutes.
π¨ US futures are the worst I’ve seen in years.
Buckle up. This is not a drill.
Berkshire Hathaway has dumped more shares this quarter than any other quarter in its entire history.
They know what’s coming. π©Έ pic.twitter.com/Y4CnWHitdr
— Inverse Cramer (Not Jim Cramer) (@CramerTracker) August 5, 2024
On a scale of one to fucked we're the nanny
— Jarvis (@jarvis_best) August 5, 2024
Tomorrow
a senile POTUS will enter the Oval Office facing a global collapse in
equity markets and an imminent war in the Middle East. Fun times.
— Gordo Stevens (@GordoCDA) August 5, 2024
More on the Japanese stock market plunge (via AP):
Japan’s
benchmark Nikkei 225 stock index plunged as much as 8.1% early Monday,
extending sell-offs that shook world markets last week as worries flared
over the state of the U.S. economy.
At one point, the Nikkei
shed more than 2,900 points, to 32,991.88. The market’s broader TOPIX
index also fell 8% as selling picked up in the afternoon.
A
report showing hiring by U.S. employers slowed last month by much more
than expected has convulsed financial markets, vanquishing the euphoria
that had taken the Nikkei to all-times highs of over 42,000 in recent
weeks.
The Nikkei 225 dropped 5.8% on Friday and it is headed for
its worst two-day decline ever. Its worst single-day rout was a plunge
of 3,836 points, or 14.9%, on a day dubbed “Black Monday” in October
1987. Share prices have fallen in Tokyo since the Bank of Japan raised
its benchmark interest rate on Wednesday. The Nikkei is now at about the
level it was a year ago.
It will be fun watching
Kamala Harris trying to explain all of this if she’s asked. She’s been
hiding from the media since she was given the nomination despite no
Democratic voter ever voting for her in a primary.
— #πππ£ βπ π£ππ«π π (@WarHorizon) August 5, 2024
How Trump responded to the economic news:
STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!
Donald Trump Truth Social 11:07 PM EST 08/04/24 @realDonaldTrump
UPDATE: Yikes.
Japan's Nikkei index now down over 12% pic.twitter.com/O6JRRuLpKy
— Steve Lookner (@lookner) August 5, 2024
— Investing.com (@Investingcom) August 5, 2024
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