The US’s S&P 500 index closed down 4% yesterday, marking its biggest one-day fall since the early stages of the pandemic.
The tech-heavy Nasdaq fell by more than 1,000 points after a day of trading, with mega caps such as Amazon and Apple each tumbling by 5% as recession fears intensified. Meanwhile, consumer stocks fell by more than 6% in aggregate, with the likes of Walmart, Dollar Tree, CostCo Wholesale and Macy's and each coming under pressure from soaring inflation and the cost of living squeeze. Target Corp alone fell by 26% following lacklustre quarterly results, which it blamed on rising costs of goods and services. The fall comes after a short two-day rally for US stocks, following signs that Ch...
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