Is This a Recession?
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Go to Chime.com slash disclosures for details. I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. Hey money rehabbers, I'm recording this late Monday night because holy mother of God, it has been a day in the markets and the news just keeps rolling in. If you looked at your investment portfolio today, you probably wish you didn't. Wall Street just had its worst trading day in years by some metrics and the sell-off was broad and it was brutal. So today I really want to explain how bad it really was, why this happened in the first place, what will happen next and what you should do to protect your money. So let's start with what we saw on Wall Street. As you know, there are three main indices that investors use to track the market. The Dow Jones Industrial Average or just the Dow, the S&P 500 and the Nasdaq Composite. Investors use the Dow and the S&P 500 to gauge how the market as a whole is doing. The Nasdaq can also give you a vibe check on the market, but it's more tech focused.
Today, none of these indices were happy. The Dow fell 890 points or over 2%. The S&P 500 dropped nearly 3% and briefly hit its lowest level since last September. The Nasdaq, which was hit the hardest, plummeted 4%, the worst single day drop since 2022. Peter Tuchman, the Einstein of Wall Street, who hosts the MNN podcast Trade Like Einstein, reported from the floor today. And here's what he had to say.
You know what? Today was a bit of a bloodbath. And I, you know me, I rarely will ever say that, but that was a bloodbath, right?
So obviously this drop was widespread. But if you're holding tech stocks, you really, really felt the pain. The tech giants that led the market rally over the past year got absolutely wrecked today. Tesla plunged 15%, the worst day since 2020. The stock has now erased all of its post-election gains. Nvidia, the darling of the AI boom, dropped 5%. Alphabet, Google's parent company, and Meta, Facebook's parent company, each fell more than 4%. Apple, Microsoft, and Amazon all saw declines of around 3% to 5%. Even outside of tech, things were not great. Bank stocks like JPMorgan Chase and Wells Fargo slid as concerns about slowing economic growth took hold. Goldman Sachs took a particular beating. There are some obvious questions here.
The first one is, why did this happen? Well, it wasn't just one thing, as is so often the case. It was a perfect storm of economic uncertainty, decreased confidence, policy changes and recession fears. The recession fears didn't just come out of nowhere. This market bloodbath marks three straight weeks of losses for the market. And it's not just a minor blip.
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