The US stock market wiped out $1.6 trillion in just 6.5 hours of trading | tech news

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The US stock market just had its worst day of 2022. The fortunes of millions of Americans plummeted today after the market wiped out $1.6 trillion in just six and a half hours of trading. Tech stocks were hit particularly hard, with Apple and Microsoft down more than 4%, Meta Platforms down more than 7% and chip giant Nvidia down 9.5%.

It all started this morning after the August inflation report showed prices higher than expected, dampening hopes that the Federal Reserve would not aggressively hike interest rates. Headline inflation rose 0.1%m/m and core inflation rose 0.6%m/m. Year-on-year inflation was 8.3%. As the market closes, the Dow plunges 1,200 points, making it the worst day since June 2020.

The carnage didn’t stop at Apple and Microsoft. Almost all tech stocks were down. But Twitter shares rose 0.7% after a report that shareholders were poised to vote on Elon Musk’s $44 billion acquisition, which they are expected to approve.

When the dust settled, the Dow Jones Industrial Average lost 1,276.37 points, or 3.94%, to close at 31,104.97. The S&P 500 was down 4.32% to 3,932.69 and the Nasdaq Composite was down 5.16% to end the day at 11,633.57. Only five stocks in the S&P 500 ended in positive territory.

Obliteration is not limited to stocks. Bitcoin also lost $1,000 in 3 minutes as US CPI inflation overshoots target. The world’s most popular cryptocurrency is now trading at $20,197.90 after surpassing $23,000 just a few days ago.





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