ibt-mailAug 6, 2024, 9:39 AM

Wall Street Reeling From Global Market Selloff

Newsletter Aug 6, 2024 Quick Six Stock markets undergo major correction amid global selloff Monday's trading was a tough day for investors as major US stock indexes fell sharply, hitting their

Newsletter Aug 6, 2024

Quick Six

Stock markets undergo major correction amid global selloff
Monday's trading was a tough day for investors as major US stock indexes fell sharply, hitting their lowest levels in months. The S&P 500 (-3%) and Nasdaq Composite (-3.4%) ended the day at their lowest points since early May, while the Dow Jones Industrial Average's 1,033-point drop (-2.6%) was its largest in over a year. The mass selloff was driven by a mix of economic worries and disappointing news from companies as tech shares tumbled. The selloff was worsened by outages at several major brokerage firms.
THE SELLOFF'S FALLOUT AND WHAT TO EXPECT TODAY

Fed under pressure to cut rates to stem tide of global selloff
The ongoing global stock selloff fueled calls for the Federal Reserve to lower interest rates swiftly, with some analysts calling for an emergency cut before its September rate decision. The futures markets, which as recently as last week expected a 0.25 percentage-point cut at the US central bank's next rate decision, now predict a 0.50-point cut. The Fed has held its benchmark rate at a two-decade high for the past year as it battles sticky inflation.
SEE THE OPTIONS THE FED IS SAID TO BE CONSIDERING

US judge rules Google is a monopoly in key anti-trust case
A US judge on Monday handed Google a major legal blow, ruling in a closely-watched anti-trust case that it has a monopoly with its dominant search engine. The landmark decision against a "big tech" giant could alter how the sector operates in future. The judge found that Google maintained a monopoly for search and for text ads through exclusive distribution agreements that made it the "default" option that people were likely to use on devices.
WHAT IMPACT WILL RULING HAVE ON GOOGLE, BIG TECH?

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Markets

DJIA	38,703.27	-2.60%
S&P 500	5,186.33	-3.00%
Nasdaq Composite	16,200.08	-3.43%
Japan: Nikkei 225	31,458.42	-12.40%
UK: FTSE 100	8,008.23	-2.04%
Crude Oil Futures	74.23	1.77%
Gold Futures	2,450.10	0.23%
Yen	145.29	0.77%
Euro	1.10	0.03%
* As of market close

Harris to reveal VP pick, hit campaign trail

Kamala Harris will name her running mate as she prepares for a tour of battleground states aimed at turning excitement over her presidential bid into durable support that can power her to victory. Harris' short list includes Pennsylvania Gov. Josh Shapiro, Minnesota Gov. Tim Walz, Kentucky Gov. Andy Beshear, Arizona Sen. Mark Kelly and Transport Secretary Pete Buttigieg. The winner of the so-called "veepstakes" will join Harris on a battleground state tour, beginning today in Philadelphia.

HOW HARRIS AIMS TO GROW BATTLEGROUND STATE SUPPORT

Musk files another lawsuit against OpenAI

Elon Musk revived a lawsuit on Monday against OpenAI, accusing co-founders Sam Altman and Greg Brockman of betraying the artificial intelligence company's founding mission. The filing of the complaint by the billionaire tech mogul comes nearly two months after he abruptly withdrew a similar suit against OpenAI and the fellow co-founders. Musk, who left the San Francisco-based OpenAI in 2018, accuses them in the latest complaint of fraud, conspiracy and false advertising.

MUSK'S PRO-TRUMP PAC UNDER INVESTIGATION IN MICHIGAN

US personnel injured in Iraq rocket attack

A rocket attack on a base in Iraq wounded multiple US personnel on Monday, adding to regional tensions over an expected Iranian attack on Israel. It was the latest in a series of attacks targeting Ain al-Assad base, which hosts US troops and personnel from the US-led coalition against the Islamic State jihadist group. The source of the attack was not immediately known but the US has been on high alert for an Iranian response to Israel's assassination of Hamas' leader last week..

WHY WORLD LEADERS FEAR WIDER WAR IN THE MIDDLE EAST

Extra point

On this date in 1926, this woman was the to swim the English Channel.

Monday's answer: Cleveland, Ohio installed the first traffic light in the United States on Aug. 5, 1914. It featured only green and red lights.

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