Nasdaq Briefly Enters Correction as U.S. Stocks Tumble Again
*By Kavitha Shastry*
The October sell-off deepened Thursday with the Nasdaq briefly entering correction territory, down more than 10 percent from its all-time highs of late August.
The Dow, which had actually been up early in the day, at its lows had dropped nearly 700 points ー bringing its two-day loss to more than 1,500 points ー and the S&P 500 was down as much as 2.6 percent.
All major indexes recouped some losses by the end of the day, but closed well in the red. The market's so-called "fear index" rose to its highest level since February.
The volatility even had knock-on effects on companies that aren't public yet. China's Tencent Music, which was expected to be one of the biggest offerings in the U.S. this year, reportedly delayed plans for its IPO. According to the Wall Street Journal, the music streaming service now won't make its market debut until November at the earliest.
Among the issues weighing on markets Thursday were continued concerns over the effect of a trade war with China and fears the Federal Reserve is raising interest rates to quickly. The latter was of particular interest to President Trump, who followed up comments from Wednesday that the central bank was acting "loco" by saying he was disappointed with Fed Chairman Jerome Powell, who he himself appointed to the post last November.
The recent losses only add to the pain investors have been feeling for most of October ー just nine trading days into the month, the S&P 500 is down almost 6.4 percent, its biggest monthly loss since September 2011. The Nasdaq, meanwhile, has dropped nearly 9 percent ー you have to go all the way back to the financial crisis in 2008 to match those losses.
Tech stocks have been particularly hurt this month. The once high-flying FAANG names ー Facebook ($FB), Amazon ($AMZN), Apple ($AAPL), Netflix ($NFLX), and Google parent Alphabet ($GOOGL) ー have lost a combined $330 billion in market cap in October. Amazon itself has shed $138 billion, more than the entire market cap of McDonald's ($MCD).
For full interview [click here](https://cheddar.com/videos/markets-in-review).
Dave Long, CEO and Co-Founder of Orangetheory Fitness joins Cheddar to chat trends in the industry for 2024. He updates us on the company's plans to expand and what the state of the economy has meant for business.
One of the world's largest renewable energy developers will be getting hundreds of wind turbines from General Electric spinoff GE Vernova as part of a record equipment order and long-term service deal.
A moon landing attempt by a private US company appears doomed because of a fuel leak on the newly launched spacecraft. Astrobotic Technology managed to orient the lander toward the sun Monday so its solar panel could capture sunlight and charge its onboard battery.
Treasury Secretary Janet Yellen has announced that 100,000 businesses have signed up for a new database that collects ownership information intended to help unmask shell company owners. Yellen says the database will send the message that “the United States is not a haven for dirty money.”
A new version of the federal student aid application known as the FAFSA is available for the 2024-2025 school year, but only on a limited basis as the U.S. Department of Education works on a redesign meant to make it easier to apply.
A steep budget deficit caused by plummeting tax revenues and escalating school voucher costs will be in focus Monday as Democratic Gov. Katie Hobbs and the Republican-controlled Arizona Legislature return for a new session at the state Capitol.
The first U.S. lunar lander in more than 50 years is on its way to the moon. The private lander from Astrobotic Technology blasted off Monday from Cape Canaveral, Florida, catching a ride on United Launch Alliance's brand new rocket Vulcan.
Global prices for food commodities like grain and vegetable oil fell last year from record highs in 2022, when Russia’s war in Ukraine, drought and other factors helped worsen hunger worldwide, the U.N. Food and Agriculture Organization said Friday.
Wall Street is drifting higher after reports showed the job market remains solid, but key parts of the economy still don’t look like they’re overheating.
