Wall Street plunges amid recession fears, Apple shares drop, market turmoil leads to volatility spike.

From Nasdaq: 2024-08-05 17:04:19

Major U.S. stock indexes plummeted on Monday due to recession fears, with Apple shares falling after Berkshire Hathaway reduced its stake. Traders anxiously watched economic data and speculation of a fed rate cut in September. Despite a rebound in the U.S. services sector, market turmoil led to a spike in the Cboe Volatility index.

Shares in Apple, Nvidia, Microsoft, and Alphabet slid as the Cboe Volatility index surged. Chicago Fed President Austan Goolsbee downplayed recession concerns but emphasized the need for Fed officials to adjust interest rates cautiously. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all faced significant losses, with weak jobs data and manufacturing activity contributing to market unease.



Read more at Nasdaq: Quiver Markets Wrap: Wall Street Plunges as Recession Fears Rise