Here Are the Tech Titans Who Lost the Most in Monday’s Stock Market Plunge
A sour mood took hold among investors as the U.S. stock market cratered Monday morning, with all three major indexes sliding dramatically amid new data reflecting a slumping economy at home, frustrations with the Federal Reserve’s handling of inflation, and fears of further market volatility abroad.
After an unexpectedly weak jobs report dropped on Friday, showing the unemployment rate having risen to 4.3 percent—the highest level since Oct. 2021—Wall Street began grumbling that the Fed has waited too long to address rate cuts. Concerns that the central banking system will have to move quickly to play catch-up and prevent a hard landing proliferated on Monday.
The signs of a slowing economy were apparent at market close, when the Dow Jones Industrial Average fell 1,034 points or 2.6 percent, its worst day in nearly two years. The S&P 500 shed 3 percent and the more tech-focused Nasdaq lost 3.4 percent, a correction spurred by the burgeoning skepticism around A.I. The crypto industry followed suit, with Bitcoin falling 12 percent and Ether nearly 20 percent.