2024-09-07 09:29:03
New Delhi: The US stock market witnessed a huge decline on Tuesday. The manufacturing figures for August in the country were not as expected. This has once again raised the fear of recession in the country. Also, the US Justice Department has sent summons to the giant company Nvidia. The investigation of antitrust practices against the company is being carried forward. This led to a huge decline in the stock market and investors lost $1 trillion in one go. Wall Street’s benchmark index S&P 500, Nasdaq and Dow saw the biggest daily decline since the beginning of August. The S&P 500 index fell 2.1% to 5,528.93. Similarly, the Dow Jones Industrial Average fell 1.5% and the Nasdaq fell more than 3%. Nvidia, Advanced Micro Devices and Intel all fell by about eight percent or more. Boeing also saw a huge decline. Wells Fargo downgraded it, causing it to fall by 7.3 percent. Nvidia’s shares fell 9.5% during trading. This led to a drop in the company’s market cap by $279 billion. This is a record one-day loss for any company. However, due to the increasing demand for AI, the company’s stock has risen 141% so far this year. Currently, Nvidia has a 90 percent share in the world’s chip market.
India suffered a loss of Rs 4,200 crore due to a single move by America, know what is the matter
Outcry around the world
The fall in the US stock market on Tuesday has led to a decline of $550 billion in the market cap of the Magnificent 7 stocks. Historically, September is the most volatile month for stock markets. The impact of the fall in the US stock markets is being seen in stocks all over the world. Due to the fear of recession in the US, there is a huge sell-off in stock markets all over the world. In India too, as soon as the market opened today, the Sensex fell by more than 700 points. This has caused a loss of Rs 3 lakh crore to the investors.