By Stefan J. Bos, Chief International Correspondent Worthy News
WASHINGTON/TOKYO (Worthy News) – Markets were bracing for another shaky day after Japan’s main stock index suffered its worst day in 37 years, while Wall Street in the United States finished sharply lower on Monday.
It underscored that fears of the United States tipping into recession following weak economic data last week has rippled through global markets.
Wall Street’s benchmark S&P 500 dropped 3 percent, its sharpest one-day drop since September 2022, while the tech-dominated Nasdaq Composite fell 3.4 percent.
The sell-off was broad-based, with more than 95 percent of stocks in the S&P 500 falling, but large tech companies that had driven much of this year’s earlier market rally were among the worst hit.
Nvidia shares fell as much as 15 percent in early trading before closing down 6 percent.
Still, conditions by the end of Monday were better than they had been earlier in the day, as the S&P and Nasdaq recovered some of their morning losses.
Former U.S. President Donald J. Trump appeared to gloat in response to the global market sell-off. He suggested his Democratic rivals, including outgoing
U.S. President Joe Biden and his vice president and likely presidential nominee, Kamala Harris, were to blame.
“STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!” Trump wrote on his Truth Social platform late Sunday.
Yet Warren Buffett, one of the world’s most known investors, was unlikely to panic. He once said it’s wise for investors “to be fearful when others are greedy and to be greedy only when others are fearful.”
Buffett is on the lookout for stocks that are trading below their intrinsic value. This can happen when there’s fear in the market, and investors sell in panic, depressing prices too much.
Copyright 1999-2024 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
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