Market Overview
US stocks opened high but plunged during the day. Early in the session, US stocks opened higher due to dovish outlooks from the Federal Reserve. However, they plummeted later due to the continued weakening of the US labor market, the deepest contraction in manufacturing in eight months, and the impact of Middle East conflicts.
$Dow Jones Industrial Average(.DJI.US$ dropped about 1,000 points from its daily high, closing down over 740 points. $S&P 500 Index(.SPX.US$ fell 2%, and both $Nasdaq Composite Index(.IXIC.US$ and $Russell 2000 Index(.RUT.US$ , along with Chinese concept stocks, fell over 3%. The "fear index" $CBOE Volatility S&P 500 Index(.VIX.US$ rose to its highest level since February.
The chip index fell more than 8% at its deepest point. $Tesla(TSLA.US$ and $NVIDIA(NVDA.US$ both fell over 6.5%. $Intel(INTC.US$ plummeted 20% after a disappointing earnings report. $Apple(AAPL.US$ 's revenue from Greater China fell more than expected, causing it to drop over 1% in after-hours trading. $Amazon(AMZN.US$ 's Q2 revenue and next quarter guidance disappointed, causing a more than 6% drop in after-hours trading.
Safe-haven demand pushed up the dollar and European and American bonds. Additionally, traders expect the Federal Reserve to cut interest rates three times this year. The 10-year US Treasury yield fell below 4% for the first time since February, and the two-year yield plunged 10 basis points.
Gold futures retreated. US oil rose above $78 but fell more than 2%.
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