Market Commentary - Foreign Markets
US equities deepen sell-off As on : 06-Aug-24  11:30

Negative sentiments gripped stock markets as US equities extended sharp sell off with major averages all significantly lower. The Nasdaq and the S&P 500 hit three-month lows. The Nasdaq plunged 576.08 points or 3.4 percent to 16,200.08, the S&P 500 dove 160.23 points or 3.0 percent to 5,186.33 and the Dow tumbled 1,033.99 or 2.6 percent to 38,703.27. The continued weakness on Wall Street came on the heels of an overseas sell-off, which saw Japan's Nikkei 225 Index record its biggest slump since Black Monday in October 1987.

Nvidia's shares fell 7.1% after dropping as much as 15%, while other major tech stocks also saw significant declines, including Microsoft (-3.3%), Apple (-5%), Amazon (-4.4%), Meta (-2.5%), and Alphabet (-4.5%). Tesla (-4.2%), Broadcom (-1.1%) and Qualcomm (-0.5%) were also in the red.

On the economic front, ISM said its services PMI climbed to 51.4 in July from 48.8 in June, with a reading above 50 indicating growth. US treasuries surged early in the session but gave back ground to end the day roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 3.8 percent after hitting a low of 3.669 percent.

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