Market Sell-off continues with Dow down 900 points and S&P 500's worst decline since 2022: Live updates

CNBC ^ | 8/2/24 | PPia Singh and Hakyung Kim

[CFW]

Is this the start of the correction some have been expecting?

[Yo-Yo]

[lightman]

Kamala rising, stock sinking.

Seems predictable.

[pburgh01]

I took all my money out...all 500k and invested into classic cars. Unorthodox but I have bought and sold 5 cars last year exactly for a profit of 95k....and had damn fun doing it. My broker is amazed. I just sold a 68 Cobra Jet fastback Mustang on the Facebook marketplace .... I bought it for 57k, put 2k into tuneup, corrected the air cleaner and brakes, 4k to register and get the title, and sold this AM for 85k. Nice profit. Another car I bought for 50k and sold last month for 57k. a 2k profit after taxes and maintenance and storage expenses.

But I know what I am doing.

[1Old Pro]

Bidenomics didn’t do to good.

[caww]

Here's another........from Daily Mail

HeadLine....."Global stock market meltdown as fears grow US economy will 'collapse'.....

[irishjuggler]

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.

[CFW]

“I took all my money out...all 500k and invested into classic cars.”

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Hubby and I were just having that discussion this morning. Hard assets may be the best option for the foreseeable future.

[HereInTheHeartland]

They desperately wanted to hold it together until the election and then blame Trump.
That didn’t work out

[Leaning Right]

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.

[TornadoAlley3]

Not one job created in manufacturing.

[Jonny7797]

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.

[Sequoyah101]

Jump out of windows down, scale Mt. Everest back up. Just the way it goes. Unemployment ticks up and the market crashes. This has been in the works for some time now and just looking for an outlet. I wish it had something to do with present time politics. Things have been out of hand with too few dollars in the hands of the masses compared to the cost of goods. Eventually something has to give.

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.

[Sarah Barracuda]

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

[CFW]

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.

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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.

https://www.theverge.com/2024/8/1/24210656/intel-is-laying-off-over-10000-employees-and-will-cut-10-billion-in-costs

[TornadoAlley3]

https://www.bls.gov/news.release/empsit.nr0.htm

[Sequoyah101]

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.

[central_va]

The KamelToe selloff. Buying opportunity.

[napscoordinator]

I know. But already it’s going the opposite direction. We need a correction badly. This doesn’t seem it.

[napscoordinator]

4.3 percent unemployment and the world is crashing. lol.