Mortgage Rates Fall Below 7% In Rare Sign Of Relief For Homebuyers
ForbesMAR 14 2024
The US stock market tumbled Monday, experiencing its worst day in nearly two years and sparking a global market sell-off. Fears of a US recession sent the market into a panic on Friday, which only got worse when it reopened this week.
The Dow Jones Industrial Average lost more than 1K points (2.7%), while the S&P 500 and Nasdaq lost 170 (3.2%) and 659 points (3.9%), respectively. A troubling jobs report last week and the Federal Reserve’s decision to not cut interest rates have increased market fears of a recession.
The “Magnificent Seven” stocks – blue chip companies, Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla – lost about $620B in market value during Monday’s plunge. Nvidia’s price dropped 6%, while Apple (5%) Amazon (4%), Microsoft (3%) all experienced major losses.