It comes as the US election has caused fears throughout the economy Getty Dollar Tree dropped by 3.03% as of Monday night Yahoo!finance Costco took a major dip on Tuesday as well Yahoo!finance
The Dow Jones Industrial Average fell 1,033.99 points, or 2.6%, while the Nasdaq Composite dropped 3.43% and and S&P 500 tumbled 3%, per Fox Business.
The Dow and S&P 500 had their worst day since September 2022.
The Tokyo-based Nikkei index suffered its worst single-day retreat since the “Black Monday” crash of 1987, closing 12.4% lower, per the New York Post.
European stocks also fell to almost their biggest low in six months.
The pan-European STOXX 600 index dropped 2.2% at 486.79 points — its lowest since February 13.
Target Corp was down 5.30% and Costco Wholesale Corporation dropped 2.46%.
As of 7:44 pm on Monday, Dollar Tree Inc was down by 3.04%. while Walmart Inc . dropped by 1.27%.
“While Friday’s employment report was disappointing, it wasn’t the only worrisome economic indicator, only the latest,” said Greg McBride, the chief financial analyst at Bankrate.
“Couple economic concerns with the cacophony of earnings disappointments and weak corporate outlooks, global unrest, and currency gyrations, and you have the recipe for sudden volatility.”
Wall Street’s “Fear Index” jumped to a high of 65.73 before the market opened for the day – up about 42 points from its close on Friday.
“There’s no question that last week something was broken (in markets) and it’s going to take some time to fix this damage,” Joe Tigay, portfolio manager for Rational Equity Armor Fund told the New York Post.
It comes as the battle between Vice President Kamala Harris and former President Donald Trump continues to ramp up ahead of the US election.
Harris is attempting to overtake Trump in the polls with just three months before the presidential election.
Traders work on the floor of the New York Stock Exchange on August 05 in New York City Getty The Dow fell over 1000 points in morning trading as global stocks plunged following fears of a recession in the American and Japanese economies Getty
“If the market continues to fall and the economy continues to weaken, that definitely gives Trump and Vance some ammunition to say, ‘we are stronger on the economy, they’ve messed it up’” Dan Boardman-Weston, chief executive at BRI Wealth Management told The Telegraph.
“I think that resonates with people.”
Financial analysts have accepted that the US economy would experience an extremely rare soft landing, meaning that it would slow but avoid a recession .
“The data from the US has been weakening for some time, but the narrative has very much been soft landing,” said Boardman-Weston.
How far America's favorite retailers stocks dropped
The stock market plummeted on Monday, causing several of the country's favorite retailers to take a nosedive.
Target is now worth 133.87 after dropping by 5.30%
Costco dropped 2.46% and is worth $801.83
Dollar Tree dropped 3.04% is worth $96.50
Walmart is worth $67.59 after dropping by 1.27%
As of 7:44 pm Monday night.
“That just seems to have completely changed.”
However, official figures showed on Friday that job growth dropped to 114,000 below an average of 215,000 over the last 12 months.
“I think there’s a strong possibility there’ll be a recession ,” said Boardman-Weston.
Cryptocurrencies also dropped as the price of Bitcoin fell 17.5% to $50,239 a coin on Monday morning.
The U.S. Sun has contacted Walmart , Target , Dollar Tree , and Costco for comment.
A trader seen working on the floor of the New York Stock Exchange on Monday AFP Walmart dropped by 67.59% Yahoo!finance The stock market took a massive hit on Monday, leaving several retailers floundering Getty Target, Costco, and others took major nosedives Getty
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