The S&P 500 Index ($SPX) (SPY) today is down -3.53%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -2.63%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -4.23%.
US stocks today are extending last Friday’s selloff, with the S&P 500 and Nasdaq 100 dropping to 3-month lows and the Dow Jones Industrials falling to a 7-week low. The rout in global equity markets deepened today and sparked a risk-off sentiment in asset markets. Recent weaker-than-expected US economic news has fueled concern that the Fed is too slow to cut interest rates to keep the US economy from heading for a sharp economic downturn. Megacap technology stocks are plunging today to lead the overall market lower, with Apple, Nvidia, and Tesla down more than -7% as the market reprices the risk of a hard landing.
