New York, USA – Fears of a slowing US economy have sent shockwaves through the stock market, with the Dow Jones Industrial Average plummeting over 1,000 points and the Nasdaq composite sinking 3.4%.
The market rout, which extended to Asian and European markets, was sparked by a slowdown in hiring and consumer spending, raising concerns that the US economy may be heading for a recession.
The Dow Jones Industrial Average, which had been trading in positive territory earlier in the day, suddenly plunged over 1,000 points, wiping out gains made earlier in the week.
The Nasdaq composite, which is heavily weighted with technology stocks, sank 3.4% as investors fled some of the Big Tech players.
The Federal Reserve’s decision to keep interest rates high has raised concerns that it may have waited too long to cut rates, heightening the risk of a recession.
Japan’s benchmark stock index plunged 12.4%, while European markets also fell sharply.
The sell-off has wiped out billions of dollars in market value, leaving investors reeling.
Experts warn that the slowdown in the US economy could have far-reaching consequences, including a potential recession.
The market will be closely watching the Federal Reserve’s next move, with many calling for a rate cut to stimulate the economy.
