Posted on 08/05/2024 3:15:12 AM PDT by Oldeconomybuyer
U.S. stock futures tumbled Monday as part of a global market sell-off centered around U.S. recession fears. Japan’s Nikkei 225 plunged 12% in its worst day since the 1987 Black Monday crash for Wall Street.
Here’s where U.S. stock market futures stand at the moment:
* Dow Jones Industrial Average futures dropped 633 points or 1.6% following a 611-point loss on Friday.
* S&P 500 futures are down 2.6% after the benchmark lost 1.8% on Friday.
* Nasdaq-100 futures lost 4% as big tech stocks got hit hard in early trading.
(Excerpt) Read more at cnbc.com ...
Not the best backdrop for the Dems’ convention.
The NASDAQ is down even further, a little over 4% before the market even opens.
The Nikkei in Tokyo had its worst day since 1987 today.
Everyone is saying Iran is poised to hit back at Israel today, meanwhile Biden is still asleep in Delaware while Kamala is completely silent which is good considering she has no idea what’s happening.
The price of tulips is still holding.
(Two lips Harris, that is.)
This is why it’s a good idea to average into the big index funds and hold. I laugh at crashes. Meanwhile /r/wallstreetbets is on suicide watch.
This bubble was held up by only a handful of companies.
Now, it is just leaking air.
NAS100 is down 800+ points(-13.7%). That’s actually up from the 1000 points it was down a couple hours ago.
US 10 Bond is a 13-month low. The dollar index was down to 102.6 on Monday, hitting its lowest level since mid-January.
Apple is down over 8% and Nivdia is down over 9%.
Of course the experts are blaming the FEDS for not cutting rates sooner, but the true reason is that the underlying economic numbers have sucked for quite a while now. The BLS has been cooking the books on the jobs numbers for a couple of years. The Democrats and their loyal media have just refused to report on it.
I am waiting in the wings with cash and Tbills. Its going to take discipline to hold off I think. Maybe not worth taking a plunge for two months or so.
I bought short term futures, ishares fund and was up 40% Friday, so far up 60% today.
I would have hoped Trump could bring calm the World markets, maybe things are past the tipping point and now spiraling out of control and heading to a massive Global War as now kinda seeing the fingerprints of the Global elite willing to bring on a War to get Harris appointed.
Japan stocks confirmed a bear market on Monday as Asia-Pacific markets continued the sell-off from last week, with the Nikkei 225 and Topix dropping over 12%.
The benchmark indexes have fallen more than 20% from their all-time highs on July 11.
The 12.4% loss on the Nikkei — which saw it close at 31,458.42 — was the worst day for the index since the “Black Monday” of 1987. The loss of 4,451.28 points on the index was also the largest in terms of points in its entire history.
https://www.cnbc.com/2024/08/05/asia-markets.html
The VIX is at it’s third time high for an opening, I think it is going to get UGLY! Indicators support 2008 levels of ugly, pray it does not.
ya I moved to a cash / liquid position at the end of July, already grateful i did!
I don’t think it will mean as much as it would seem.
The rank-and-file dem doesn’t own any assets nor do they participate in the stock market, even with a 401k.
Most middle class dems work for Uncle Sugar and their salary and pensions will always be there as long as the power to tax and power to print remains.
The well to do and elite dems are already connected so they either are already short the market or have moved their money to safer grounds. You can bet the Nancy Pelosi crowd are not losing any sleep over this now.
Finally, the legacy media has plenty of time to blame Trump, capitalism, white supremacy even. The propaganda machine won’t allow the dems or socialist policies to get the blame.
“ya I moved to a cash / liquid position at the end of July, already grateful i did!”
Smart move! I was looking back to see the exact date we started adjusting our holdings to take advantage of a down market. It was July 18th. It has been obvious for some time that the record highs were built on nothing but air (and the dollars magically created out of that thin air).
Stock futures in the US plunged on Monday, with contracts on the S&P 500 futures losing 3%, the Nasdaq 100 sinking 4.8%, and the Dow Jones falling almost 700 points, amid increasing worries over a potential US economic slowdown and recession. Concerns were raised last week after a disappointing ISM Manufacturing PMI and intensified after a week jobs report.
The ISM Services PMI due later in the day will provide further updates on the health of the services sector. Meanwhile, weaker-than-expected earnings from leading tech companies and uncertainty surrounding the AI sector added to the negative sentiment. Shares of Nvidia were down about 10% in premarket trading and other megacaps were also sharply lower, including Microsoft (-5.3%), Apple (-8.9%), Amazon (-5.7%), Meta (-6.6%) and Alphabet (-6%). Other big decliners include Tesla (-7.5%), Broadcom (-8.5%), AMD (-5.4%) and Qualcomm (-5.8%).
If this market downturn signals a downturn in the overall economy, the rank-file democrat will care then, especially if they lose their job.
As another poster said, the overall job numbers have been cooked for quite some time, it’s much worse than what’s been reported.
Remember back in 1929 when the market crashed, an economic depression followed.
Throw in a regional war between Iran and Israel and you have all the makings of real trouble that everyone will care about.
I moved my last tranche out of equities in May. I was kicking myself a bit for a while there, but it was just as well.
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