Why the stock market is freaking out again(CNN) — Fear has set in on Wall Street, and stocks are having another miserable day. The Nasdaq, full of risky tech stocks, dropped 3.5%. Although that’s not in and of itself an unhealthy unemployment rate, its sudden march higher is alarming: Last year, the unemployment rate was at its lowest level since the moon landing. Traders are beginning to unwind big trades on Apple, Nvidia, Microsoft, Meta, Amazon, Alphabet and other tech stocks that had been surging since the beginning of last year. Monday’s rout, if it ends at current levels, wouldn’t even crack the top 100 worst days in market history.

Source: CNN August 06, 2024 01:36 UTC