Dow tumbles 1,000 points, S&P 500postsworstdaysince2022in global market sell-off
Stocks fell sharply on Monday, with the Dow Jones Industrial Average posting its worst day in nearly two years, as worries over the health of the U.S. economy sparked a global market sell-off.
The Dow dropped 1,033.99 points, or 2.6%, to end at 38,703.27. The Nasdaq Composite lost 3.43% and closed at 16,200.08, while the S&P 500 slid 3% to end at 5,186.33. The blue-chip Dow and S&P 500 registered their biggest daily losses since September 2022.
Fears of a U.S. recession was 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.
Harris Picks Walz as Running Mate
Democratic presidential candidate Kamala Harris has chosen Minnesota Gov. Tim Walz for her running mate, a safe pick whose high likeability her campaign hopes will be a factor in luring voters from crucial Midwest swing states that she’ll need to take the White House.
“One of the things that stood out to me about Tim is how his convictions on fighting for middle class families run deep,” Harris wrote on Instagram announcing the decision. “It’s personal.” The two are scheduled to take the stage in Philadelphia for the first time Tuesday evening.
A 12-year veteran of Congress, the 60-year-old Walz carries a background that many may find relatable: a former teacher, high school football coach and a high-ranking member of the National Guard.
TheDemocraticNationalCommitteehelditsvirtual rollcalllastweekandovertheweekend,cementing Harris’s name on the ticket. Now she and Walz are scheduled to embark on a five-day tour of several battleground states ahead of the start of the Democratic National Convention on Aug. 19.
As inflation fury lingers, politicians join customers in pushing companies to cut prices
Expensive Big Mac meals and fears of surge pricing at grocery stores have put food chains and consumer product companies in politicians’ crosshairs. Walmart, McDonald’s and Kroger are just a few of the companies that have found themselves in the debate over high inflation in the 2024 election.
On the presidential campaign trail now, both Democratic Vice President Kamala Harris and Republican former President Donald Trump have pledged to fight persistent inflation, while blaming different causes.
Inflation has cooled from decades-high levels, with groceries up about 1.1% year over year as of June, according to data from the U.S. Bureau of Labor Statistics. But food at home is up 26.2% since June 2019 and food away from home, which mostly includes restaurant meals, is up 27.2% in the same period.
Americans ranked inflation and prices as their most important issue in the latest The Economist/YouGov poll, which included a representative sample of roughly 1,600 U.S. adult citizens.
Wall Street climbs after positive U.S. job market report
The S&P 500 was rallying by 1.1% in early trading, a day after a big morning gain evaporated and flipped into a loss. The Dow Jones Industrial Average was up 261 points, or 0.7%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 1.3% higher.
Treasury yields also climbed in the bond market, a signal that investors are feeling less worried about the economy, after a report showed fewer U.S. workers applied for unemployment benefits last week. The number was also better than economists expected.
At the worst of it, at least so far, the S&P 500 was down roughly 9% from its record set last month. SuchdropsareregularoccurrencesonWallStreet, with "corrections" of 10% happening about every year or two.
In stock markets abroad, indexes were mixed in Asia and down modestly in Europe. In Japan, which has been home to some of the market's wildestmoves,theNIkkei225tickeddownby0.7%. That looks like a ripple after its tidal swings of down 12.4% and up 10.2% to start the week
News Corp Posts Upbeat Quarterly Revenue on Dow Jones, Australia Real Estate Strength
News Corp beat estimates for fourth-quarter revenue on Thursday, driven by strength in its Dow Jones unit and gains in its Australianreal estatebusiness. A part ofmedia mogul Rupert Murdoch's empire, News Corp has benefited from continued growth in its business information unit, Dow Jones, which includes publications such as The Wall Street Journal, Barron's and Market Watch.
With tech giants including Alphabet's Google relying on it, there is optimism that News Corp's efforts to drive commercial value from its news and information units is working.
Revenue in the quarter ended June 30 rose 6%, to $2.58 billion, compared to an estimate of $2.49 billion, according to LSEG data. REA Group, which operates residential and commercial property websites in Australia, posted revenue of $305 million in the reported Group, an increase of 37% from a year earlier, helped by price increases and a rise in national listings. Revenue at Dow Jones grew 4%, to $566 million, driven by growth in circulation and subscription revenues.
