The Blogging Hounds
U.S. stock futures tumbled Monday as part of a global market sell-off centered around U.S. recession fears. Japan’s Nikkei 225 plunged 12% in its worst day since the 1987 Black Monday crash for Wall Street.
Here’s where U.S. stock market futures stand at the moment:
- S&P 500 futures are down 3.3% after the benchmark lost 1.8% on Friday.
- Nasdaq-100 futures lost 4.8% as big tech stocks got hit hard in early trading.
- Dow Jones Industrial Average futures dropped 912 points, or 2.3%, following a 611-point loss on Friday.
Fears of a U.S. recession were the main culprit for the global market meltdown after Friday’s disappointing July jobs report.
Investors are also concerned that the Federal Reserve is behind in cutting interest rates to bolster an economic slowdown, with the central bank choosing instead to keep rates at the highest in two decades last week.
There’s also an unwinding of the once-hot artificial intelligence trade going on. Tech shares were among the worst performers in early trading Monday:
- Nvidia tumbled 9% Monday after going into the session already down more than 23% from its recent high.
- Apple cratered more than 8% after Warren Buffett’s Berkshire Hathaway cut its stake in the iPhone-maker in half.
- Other losers included Tesla, down 7%, and Broadcom and Super Micro Computer down more than 9% apiece.
In Asia overnight, Japan stocks confirmed a bear market as Asia-Pacific investors had their first chance to react to the sour jobs figures in the U.S. from Friday.
The 12.4% loss on the Nikkei — which closed at 31,458.42 — was the worst day for the index since the “Black Monday” of 1987 hit Wall Street. The loss of 4,451.28 points on the index was also the largest in terms of points in its entire history. The Dow lost more than 22% in a single day on Black Monday.
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The Most Revolutionary Act 
I was wondering just how long the fake smoke and mirrors fantasy of Wall Street was going to last, especially since Main Street is sitting out on the streets. But it had to eventually happen since when Main Street continues to have NO extra money to spend on frivolities, Wall Street was going to eventually crash, as well.
My son, who used to call me every day, has ceased calling me since I know his stock portfolio has taken a direct hit. I told his dumb butt to get out and turn everything into CASH, but of course, the young think they know everything, and now, I bet that his entire stock portfolio is in ruins. He tried to get me to invest in that mess when I told him that by sleight of hand, he could lose everything that is “virtual” and ALL of his “investments” were “virtual” and now they are ACTUALLY gone. That’s why I have not heard from him because he knows that I’m the type to say, “I told you so!”
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The first US Treasury Secretary, Alexander Hamilton, thought to increase national capital by selling government bonds on the stock market. Trouble was, one of Hamilton’s employees was playing the market and lost a bunch of money for all. And that’s how the stock market got an in with the US government, but the US government doesn’t learn from its mistakes. The stock market is a perpetual scam . . .
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I been saying that the stock market is nothing more than fake, smoke and mirrors. But if one’s own son refuses to listen since he thinks he knows better, I can do no more than what I have done and that is to put the information out there that the stock market is exactly as you put it, “a perpetual scam.”
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According to Dmitry Orlov, the US went bankrupt back in the 1980s after they shipped all the factories to China. The big banks were able to cover this up by laundering a lot of illicit drug money into the stock market. When this wasn’t enough, they forced the former Soviet Union to privatize all its state assets, which Wall Street corporations bought for pennies on the dollar and sold off to the Russian Mafia. Now there’s truly broke – and there’s no fig leaves left to hide the fact that the US is bankrupt.
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