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“Black Monday”: How US Recession Scare Crashed Global Stock Markets | Firstpost Tech & Trade

The News Trenders

15 Nov, 2024

“Black Monday”: How US Recession Scare Crashed Global Stock Markets | Firstpost Tech & Trade

Global stock market investors have dubbed August 5 “Black Monday” after fears over the US economy led to a massive crash. From Japan’s Nikkei to New York’s Nasdaq, all major stock market indices fell, wiping out billions of dollars from investors’ pockets. The Nikkei index plummeted by over 12%, marking its second-largest decline in history. The shockwaves spread across Asia and Europe. New York’s Dow Jones, Nasdaq, and S&P 500 fell to their two-year lows. Major companies like Apple and Amazon saw declines of over 4%. This market turmoil was sparked by a worrying US job report, igniting fears of a potential recession. Is the world’s largest economy in trouble? How will this impact its politics in a crucial election year where former President Trump and Vice President Kamala Harris are set to face off? Let’s try to understand.

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