Posted on 08/02/2024 9:20:21 AM PDT by CFW
Stocks fell sharply on Friday with the S&P 500 headed for its worst session in roughly two years, as a much weaker-than-anticipated jobs report for July ignited worries that the economy could be falling into a recession.
The broad market index dropped 2.1%, on pace for its biggest one-day sell-off since 2022, while the Nasdaq Composite lost 2.3%. The Dow Jones Industrial Average fell 911 points, or 2.3%.
Friday’s sell-off pushed the Nasdaq into correction territory — down more than 10% from an all-time high set nearly a month ago. The Nasdaq-100, which is made up of the 100 largest names in the Composite, was deeper in a correction, trading 11% below its 52-week high. The S&P 500 and Dow were 6% and 4% below their all-time highs, respectively.
(Excerpt) Read more at cnbc.com ...
Kamala rising, stock sinking.
Seems predictable.
But I know what I am doing.
Bidenomics didn’t do to good.
HeadLine....."Global stock market meltdown as fears grow US economy will 'collapse'.....
I agree. The market rose this summer as the likelihood of a Trump win in November spiked. Now investors are suddenly scared of Kamala victory and are selling off.
“I took all my money out...all 500k and invested into classic cars.”
Hubby and I were just having that discussion this morning. Hard assets may be the best option for the foreseeable future.
They desperately wanted to hold it together until the election and then blame Trump.
That didn’t work out
On the flip side, economists have predicted seven of the past two recessions.
So as for me, I’m sticking to my asset allocation plan: Stocks = 100 - my age. And for stocks, I use an index fund.
Yes, I realize that’s simplistic, and not for everyone. I can use it because I no longer have to swing for the fences.
Not one job created in manufacturing.
The market has gone nuts for a long time, a correction was expected and not surprising at all. I expect it to go down even more before it settles.
A young friend in the transportation / logistics business called it about six months ago. He has been accurate for the last few cycles. I should listen to him more.
There are lots of money people who call the climb back up a "gain". Simply absurd. We have been stuck on stupid since 2021.
If trump doesn’t bring up RECESSION RECESSION RECESSION every five seconds he deserves to lose seriously this country is plummy into the abyss say something
The market has gone nuts for a long time, a correction was expected and not surprising at all. I expect it to go down even more before it settles.
I agree. The NAS100 has doubled in the past what? 18 months, I believe. That is just investor exuberance without any basis on fundamentals.
The layoffs and halt of dividends by Intel may have just burst the latest AI tech bubble.
On the other hand, this could be the head fake to lower interest rates prior to the election. I can see it all now as the Fed says we have over corrected.
I know. But already it’s going the opposite direction. We need a correction badly. This doesn’t seem it.
4.3 percent unemployment and the world is crashing. lol.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.