$1 trillion wiped from the stock market in a day
The post $1 trillion wiped from the stock market in a day appeared on BitcoinEthereumNews.com.
Tuesday, September 3, saw a dramatic stock market sell-off, confirming investor fears about the ‘September Effect,’ as the ninth month of the year has historically been the weakest for stocks. Throughout the day’s trading, all three benchmark indices – the S&P 500, Dow Jones Industrial Average, and Nasdaq 100 – fell between 1.5% and 3.15%, reflecting a broad sell-off. S&P 500, DJIA, Nasdaq 100, and BTC 1-day price charts. Source: Google Along with overall concerns about trading in September, the downtrend was driven by a relatively weak manufacturing report, which saw a moderate sector contraction. Construction spending’s 0.3% decline was the most singled-out metric. Overall, the day proved the weakest for the U.S. stock market since the bloodbath of early August, and as much as $1.05 trillion was wiped out in the single-session crash. Furthermore, traders have another headache ahead as the next employment report is due on Friday, September 6. It is worth remembering that the August sell-off was triggered, in large part, by the convergence of weak U.S. jobs data and the unwinding of the yen carry trade. Stock, crypto, and commodity markets all experience the sell-off The drop was not confined solely to the benchmark stock market indices as shares of most American companies – inducing the well-performing blue-chips such as Nvidia (NASDAQ: NVDA) and Apple (NASDAQ: AAPL) saw massive pullbacks. Nvidia, in particular, shocked investors as it was, at one point on September 3, down 12%. Ultimately, it ended the day 9.53% in the red, with a modest decline persisting into the extended session. In the cryptocurrency market, Bitcoin (BTC) briefly fell below $56,000 and, despite experiencing some recovery, remains well below its relatively stable recent levels near $60,000. BTC price today stands at $56,547. As is frequently the case, most other major cryptocurrencies followed suit…
Filed under: News - @ September 4, 2024 11:24 am