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US Markets Experience Important Downturn as Nasdaq Composite Plunges 2.24%
The nasdaq Composite index experienced a sharp decline, shedding 472 points to close at 20,650, marking a 2.24% drop. This downturn contributed to a broader weekly loss of 2.17% for the tech-heavy index.
Across the Atlantic, European markets also faced headwinds. The STOXX Europe 600 index fell by 1.90% to 535 points, extending its weekly losses to 2.55%. Major European indices mirrored this trend, with Germany’s DAX down 2.65% to 23,425, france’s CAC declining 2.90% to 7,546, and the UK’s FTSE 100 registering a smaller decrease of 0.70% to 9,068.
In Asia, japan’s Nikkei 225 index closed lower, down 0.65% at 40,799. Though,its broader counterpart,the Topix,saw a slight gain of 0.20% to 2,948. Despite this minor uptick in the Topix, both indices recorded weekly losses, with the Nikkei 225 down 1.60% and the topix down 0.10%.
Oil Prices Dip Amidst Economic Concerns, Gold Sees Modest Gains
In commodity markets, Brent crude futures for October delivery fell by 2.83%, or $2.03, to settle at $69.67 per barrel. Despite this daily decline, Brent crude managed to post a weekly gain of 3%. Similarly, US NIMEX futures for september delivery decreased by 2.79%, or $1.93, to $67.33 per barrel,narrowing their weekly gains to 3.33%.
Gold futures for December delivery bucked the trend, rising 1.5%, or $51.20,to $3,399.80 per ounce.This increase translated into a weekly gain of 0.21% for the precious metal.
US labor Market shows Signs of Slowdown
The latest monthly jobs report from the United States revealed a significant slowdown in labor market growth. The economy added only 73,000 jobs in July, falling short of the 100,000 jobs economists had anticipated. Furthermore, revised data for June and May indicated a downward adjustment of 258,000 jobs, underscor
