Wall Street trims losses despite prevailing fears.
Among the hardest-hit sectors is technology (-5%), with Nvidia's shares leading the declines, plummeting by 10%.
The tech sector leads the losses, with Nvidia’s shares standing out, dropping as much as 10% earlier.
So far, intraday movements have been optimistic, with a reduction in losses and gains throughout the day. However, the overall trend remains negative.
The three major Wall Street indices are falling sharply this Monday morning. The stock averages are retreating amid a massive sell-off driven by investor concerns about the U.S. economy.
The main Dow Jones index, composed of 30 giants, is down 2.28%, standing at 38,832.43 points. The S&P 500, with 500 components, falls 2.82% to 5,196.02 points, and the tech-heavy Nasdaq Composite drops 3.46% to 16,195.79 points.
All three indices posted significant losses last week. The Dow Jones fell by 2.10%, the S&P 500 declined by 2.06%, and the Nasdaq saw the steepest drop, losing 3.35%.
Volatility has reached levels not seen since March 2020, when the COVID-19 pandemic struck the markets with widespread crashes. The VIX index, known as the “fear gauge” and a measure of market volatility, has surged by 100%.
Among the hardest-hit sectors is technology (-5%), with Nvidia’s shares leading the declines, plummeting by 10%. Within the Dow Jones, all stocks are down, led by Intel, which has fallen by 6.49%.
Intel’s shares closed Friday with a loss of 26%, marking their worst drop in 50 years, after announcing a cut of 15,000 jobs, the suspension of its dividend, and issuing guidance that was deemed disappointing.
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