Posted on 08/05/2024 12:21:36 AM PDT by lasereye
U.S. stock-market futures fell late Sunday, after a volatile week on Wall Street that saw the Nasdaq fall into correction territory.
Dow Jones Industrial Average futures slid more than 250 points, or 0.7%, as of 11 p.m. Eastern on Sunday, as S&P 500 futures fell 1.4% and Nasdaq-100 futures tumbled 2.4%. Each had improved slightly late Sunday from their session lows.
Crude oil futures were up slightly amid heightened concerns over escalating hostilities in the Middle East. Cryptocurrencies fell, led by bitcoin, which retreated 8% and slipped below the $55,000 level after topping $65,000 on Friday, while ether ETHUSD sank more than 15%.
Meanwhile, Japan’s Nikkei 225 JP:NIK plunged 5%, picking up where last week left off, as global markets were rattled by the latest U.S. economic data and Wall Street’s losses.
U.S. stocks dropped Friday after a softer-than-expected jobs report raised worries about economic growth, which followed Fed signals Wednesday that it could cut interest rates at its September meeting. But investors fear the cuts may come too late, as the risk of recession rises.
All three major indexes booked steep losses last week, with the S&P 500 SPX falling 2.1% for its worst week since April, according to FactSet data. The Dow DJIA fell 2.1% for the week, while the Nasdaq COMP saw a weekly drop of 3.4%. The Nasdaq closed Friday down 10% from its record close of 18,647.45 on July 10, according to Dow Jones Market Data, landing it in correction territory, defined as a drop of at least 10% from a recent high.
Investors may be bracing for tech stocks to fall further Monday, after Warren Buffett’s Berkshire Hathaway disclosed Saturday it had reduced its stake in Apple Inc. by nearly 50% last quarter.
(Excerpt) Read more at marketwatch.com ...
I subscribe to the investment service of Wall Street veteran Louis Navellier. He's saying to hang in until the Fed starts cutting interest rates.
August=Crypto Winter. 2 rate cuts coming in Sept. Some corps sandbagged their earnings to take losses in this quarter.
So he's talking QE2 (or is it QE3?)
At any rate, savers will be screwed, and more war is coming.
FWIW
> He’s saying to hang in until the Fed starts cutting interest rates. <
I don’t quite understand that. When interest rates are low, bonds usually look less attractive and stocks look more attractive.
Could Navellier be implying that a rate cut would set off hyperinflation? In that case, I suppose money markets would be a good place to put your dough. That and precious metals.
Disclaimer: I’m just guessing here. And what do I know? Warren Buffett has never once called me for advice.
The election in November is a choice between economic life or death (freedom or communism). That's gonna leave a mark on the stock market and keep it volatile right through the rest of the year.
I’ve been 100% Tbill mutual funds for three months in my brokerage accounts.
It’s going to be an interesting time waiting to jump back in.
Temptation will come, but must be resisted.
“Warren Buffett has never once called me for advice.”
Me too. What’s with that?
Hasn’t called me either. Amazing Warren hasn’t called any of us
I am rather miffed, I must confess.
Maybe it was something one of us said
Yep. But bush really did a poor job on messaging and getting us out of the mess. Hence we lost. McCain stopping his campaign over it was dumb as well.
The market is afraid Kommie will steal the election and finish destroying the economy.
Another crypto crash!
Next year bitcoin will “crash” from $100,000 to $88,000.
Then again from $125,000 to $115,000.
Peter Schiff will be all over it.
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