The Business Times
business-time-50

US: Wall Street tumbles on growing recession worries

Published Mon, Aug 5, 2024 · 09:47 PM
    • epa11520221 A person walks past American flags hanging on the front of the New York Stock Exchange in New York, New York, USA, 02 August 2024. The United States Bureau of Labor Statistics released an 'Employment Situation Summary' reports on 02 August that the unemployment rate in the United States rose to 4.3 percent in July 2024. Investors reacted negatively to the economic news, leading the Dow Jones industrial average to lose over 800 points during the day. EPA-EFE/OLGA FEDOROVA
    • epa11520221 A person walks past American flags hanging on the front of the New York Stock Exchange in New York, New York, USA, 02 August 2024. The United States Bureau of Labor Statistics released an 'Employment Situation Summary' reports on 02 August that the unemployment rate in the United States rose to 4.3 percent in July 2024. Investors reacted negatively to the economic news, leading the Dow Jones industrial average to lose over 800 points during the day. EPA-EFE/OLGA FEDOROVA EPA-EFE

    WALL Street’s main indexes tumbled on Monday (Aug 5), as fears of the United States tipping into recession following weak economic data last week rippled through global markets.

    The Dow Jones Industrial Average fell 681.07 points, or 1.7 per cent, at the open to 39,056.19.

    The S&P 500 opened lower by 195.42 points, or 3.7 per cent, at 5,151.14, while the Nasdaq Composite dropped 1,063.63 points, or 6.3 per cent, to 15,712.53 at the opening bell. REUTERS

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    Dow JonesS&P 500NasdaqUS stocks

    Share with us your feedback on BT's products and services

    Feedback

    TRENDING NOW

    DBS, OCBC and UOB struck a more cautious tone on their outlook, even as they remain optimistic about the longer term.

    From AI financing to Indonesia outlook: 4 takeaways from Singapore banks’ Q3 results

    Vingroup is planning a US$500 million production hub in the province of Batangas, around 94 km south of Manila.

    VinFast, Mitsubishi weigh Philippine EV production as state incentives near

    DBS’ Q3 net profit is down 5% at S$2.81 billion, largely due to weak markets trading income from unfavourable market conditions.

    Analysts cut DBS target price on lower 2027 earnings, but see buying opportunity after share price slide

    Yen appreciation can accelerate the unwinding of leveraged positions, illustrating how currency and financial stability risks can interact.

    Could Japan trigger the next global financial crisis?

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More