On August 2, 2024, the U.S. stock market saw $2.9 trillion in equities wiped out, marking the worst trading day since the COVID-19 pandemic. The sell-off followed a disappointing jobs report and heightened recession fears.
The Dow Jones Industrial Average lost over 600 points, while the Nasdaq dropped more than 400 points. Leading technology stocks took a hit, with Microsoft and Nvidia falling over 2% and 5%, respectively. Alphabet and Meta Platforms also declined by 2.7% and 3.3%.
Amazon experienced a severe 11% drop, and Tesla decreased by 1.92%. Financial sector losses included JPMorgan Chase, down 1.45%, and Berkshire Hathaway, down 1.84%. Healthcare stocks had mixed outcomes, with Novo Nordisk gaining 3.23% and Eli Lilly falling 4.14%.
Consumer defensive stocks, typically stable during economic downturns, were not spared. Coca-Cola and Procter & Gamble fell by 0.92% and 1.66%, respectively. The energy sector saw significant declines, affecting Exxon Mobil and Chevron.
This extensive market downturn has fueled recession fears, exacerbated by the substantial market value fluctuation in major IT companies. The global impact was evident, with European and Asian markets also reacting negatively to the U.S. jobs report and rising unemployment.
