📆 Monday, August 5
► Last week's heavy losses on the global stock markets accelerated further on Monday, with tech stocks in particular suffering heavy losses. The Nasdaq 100 is currently 2.5% lower in pre-market trading after Japanese stocks fell by the most in more than a decade. Nasdaq 100 futures plunged as much as 6.5% in overnight trading and were on the verge of triggering a break before the sharp drop was limited to around 3%. The S&P 500 fell by as much as 2%. Losses were concentrated in tech stocks, which were also sharply lower in pre-market trading, such as Nvidia (-5.2%), Broadcom (-5.5%) or Apple (-4.3%), Microsoft (-3.5%), Alphabet (-3.0%). Berkshire Hathaway reduced its stake in Apple by almost 50%, which also weighed on sentiment.
► The European benchmark index Stoxx 600 slumped by 2.4%, recording its biggest three-day fall since June 2022, while the MSCI Emerging Markets Equity Index plummeted by more than 3%, recording its biggest one-day fall since March 2022. Japan's Topix equity index lost 12%, its biggest three-day drop since 1959, while the Nikkei fell 12.4% alone today, its worst plunge since 1987 and the biggest point loss in its entire history. The JPY rose 2% as investors saw the Fed under pressure to cut rates faster, while the Bank of Japan promised to do the opposite and raise rates gradually to combat rising price pressures in Japan.
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