Market Update:

Japan’s stock market experiences its largest 2-day plunge on record. The “Magnificent 7” stocks shed over $1 trillion in market value today. The cryptocurrency market loses over $500 billion in market cap within 24 hours. Markets are now factoring in a 60% probability of an emergency Fed rate cut. South Korea has suspended all sell orders on its stock market. Nasdaq futures drop by as much as 6.5% in a single day.

Today’s decline will be remembered as historic.

Not much more detail

PRE-MARKET TRADING OFFICIALLY OPENS:

Nvidia, $NVDA, -8%

Tesla, $TSLA: -6%

Apple, $AAPL: -6%

Alphabet, $GOOGL: -5%

Meta, $META: -5%

Microsoft, $MSFT: -5%

Amazon, $AMZN -4%

The Magnificent 7 is currently set to erase $1.5 TRILLION of market cap today alone.

Bond markets are now pricing in a 60% likelihood of an emergency interest rate cut within the next week.

This would be the first emergency rate cut since March 2020, during the pandemic.

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