{"id":50162,"date":"2024-08-05T15:08:16","date_gmt":"2024-08-05T15:08:16","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/08\/05\/tech-stocks-hit-hardest-as-global-market-plunge-on-u-s-economic-concerns\/"},"modified":"2024-08-05T15:08:16","modified_gmt":"2024-08-05T15:08:16","slug":"tech-stocks-hit-hardest-as-global-market-plunge-on-u-s-economic-concerns","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/08\/05\/tech-stocks-hit-hardest-as-global-market-plunge-on-u-s-economic-concerns\/","title":{"rendered":"Tech stocks hit hardest as global market plunge on U.S. economic concerns"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Nearly everything on Wall Street is tumbling Monday<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Aug 05, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 12\u00a0hours ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">6 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"41fbf965-87fc-47cf-9690-bde971562c37\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Traders work on the floor of the New York Stock Exchange (NYSE) on August 05, 2024, in New York City. <\/span> <span class=\"credit\">Photo by Spencer Platt<\/span> \/<span class=\"distributor\">Getty Images North America<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p><strong>By Stan Choe<\/strong><\/p>\n<p>A scary Monday that started with a plunge abroad reminiscent of 1987\u2019s crash swept around the world and pummelled Wall Street with more steep losses, as fears worsened about a slowing U.S. economy.<\/p>\n<p>The S&amp;P 500 dropped three per cent for its worst day in nearly two years. The Dow Jones Industrial Average reeled by 1,033 points, or 2.6 per cent, while the Nasdaq composite slid 3.4 per cent. Canadian markets were closed Monday.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment5252102280714682339570489407569920\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"article-block article-block-bg article-content__sign-in-group hidden\" data-aqa=\"identity-sign-in\" data-async=\"\" 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world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__anonymous\">\n<p>REGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The drops were the latest in a global sell-off that began last week. Japan\u2019s Nikkei 225 helped begin Monday by plunging 12.4 per cent for its worst day since the Black Monday crash of 1987.<\/p>\n<p>It was the first chance for traders in Tokyo to react to Friday\u2019s report showing U.S. employers slowed their hiring last month by much more than economists expected. That was the latest piece of data on the U.S. economy to come in weaker than expected, and it\u2019s all raised fear the Federal Reserve has pressed the brakes on the U.S. economy by too much for too long through high interest rates in hopes of stifling inflation.<\/p>\n<p>Professional investors cautioned that some technical factors could be amplifying the action in markets, and that the drops may be overdone, but the losses were still neck-snapping. South Korea\u2019s Kospi index careened 8.8 per cent lower, and bitcoin dropped below US$54,000 from more than US$61,000 on Friday.<\/p>\n<p>Even gold, which has a reputation for offering safety during tumultuous times, slipped about one per cent.<\/p>\n<p>That\u2019s in part because traders began wondering if the damage has been so severe that the Federal Reserve will have to cut interest rates in an emergency meeting, before its next scheduled decision on Sept. 18. The yield on the two-year Treasury, which closely tracks expectations for the Fed, briefly sank below 3.70 per cent during the morning from 3.88 per cent late Friday and from five per cent in April. It later recovered and pulled back to 3.89 per cent.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot18 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories2273438340541948796911595204640768\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.6.2\/websites\/images\/newsletters\/icon-fp-topStories.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/16.6.2\/websites\/images\/newsletters\/icon-fp-topStories.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/16.6.2\/websites\/images\/newsletters\/icon-fp-topStories.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/16.6.2\/websites\/images\/newsletters\/icon-fp-topStories.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/16.6.2\/websites\/images\/newsletters\/icon-fp-topStories.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/16.6.2\/websites\/images\/newsletters\/icon-fp-topStories.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/16.6.2\/websites\/images\/newsletters\/icon-fp-topStories.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/16.6.2\/websites\/images\/newsletters\/icon-fp-topStories.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/16.6.2\/websites\/images\/newsletters\/icon-fp-topStories.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/16.6.2\/websites\/images\/newsletters\/icon-fp-topStories.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/16.6.2\/websites\/images\/newsletters\/icon-fp-topStories.svg 1600w\" alt=\"Top Stories\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.6.2\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. 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Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment9299589724314978087310945301823488\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cThe Fed could ride in on a white horse to save the day with a big rate cut, but the case for an inter-meeting cut seems flimsy,\u201d said Brian Jacobsen, chief economist at Annex Wealth Management. \u201cThose are usually reserved for emergencies, like COVID, and an unemployment rate of 4.3 per cent doesn\u2019t really seem like an emergency.\u201d<\/p>\n<p>Of course, the U.S. economy is still growing, the U.S. stock market is still up a healthy amount for the year and a recession is far from a certainty. The Fed has been clear about the tightrope it began walking when it started hiking rates sharply in March 2022: Being too aggressive would choke the economy, but going too soft would give inflation more oxygen and hurt everyone.<\/p>\n<p>Goldman Sachs economist David Mericle sees a higher chance of a recession within the next 12 months following Friday\u2019s jobs report. But he still sees only a 25 per cent probability of that, up from 15%, in part \u201cbecause the data look fine overall\u201d and he does not \u201csee major financial imbalances.\u201d<\/p>\n<p>Some of Wall Street\u2019s recent declines may simply be air coming out of a stock market that romped to dozens of all-time highs this year, in part on a frenzy around artificial-intelligence technology. Critics have been saying for a while that the stock market looked expensive after prices rose faster than corporate profits.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment799833188441314554289071501344768\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cMarkets tend to move higher like they\u2019re climbing stairs, and they go down like they\u2019re falling out a window,\u201d according to JJ Kinahan, CEO of IG North America. He chalks much of the recent worries to euphoria around AI subsiding, with pressure rising on companies to show how AI is turning into profits, and \u201ca market that was ahead of itself.\u201d<\/p>\n<p>The only way for stocks to look less expensive is either for prices to fall or for their profits to strengthen. Expectations are still high for the latter, with growth for S&amp;P 500 profits this past quarter looking to be the strongest since 2021.<\/p>\n<p>Professional investors also pointed to the Bank of Japan\u2019s move last week to raise its main interest rate from nearly zero. Such a move helps boost the value of the Japanese yen, but it could also force traders to scramble out of deals where they borrowed money for virtually no cost in Japan and invested it elsewhere around the world.<\/p>\n<p>Treasury yields also pared their losses Monday after a report said growth for U.S. services businesses was a touch stronger than expected. Growth was led by arts, entertainment and recreation businesses, along with accommodations and food services, according to the Institute for Supply Management.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment2545737648971519742633958447251456\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Still, stocks of companies whose profits are most closely tied to the economy\u2019s strength took sharp losses on the fears about a slowdown. The small companies in the Russell 2000 index dropped 3.3 per cent, washing out what had been a revival for it and other beaten-down areas of the market.<\/p>\n<p>Making things worse for Wall Street, Big Tech stocks tumbled as the market\u2019s most popular trade for much of this year continued to unravel. Apple, Nvidia and a handful of other Big Tech stocks known as the \u201c Magnificent Seven \u201d had propelled the S&amp;P 500 to record after record this year, even as high interest rates weighed down much of the rest of the stock market.<\/p>\n<p>But Big Tech\u2019s momentum turned last month on worries investors had taken their prices too high and expectations for future growth are becoming too difficult to meet. A set of underwhelming profit reports that began with updates from Tesla and Alphabet added to the pessimism and accelerated the declines.<\/p>\n<p>Apple fell 4.8 per cent Monday after Warren Buffett\u2019s Berkshire Hathaway disclosed that it had slashed its ownership stake in the iPhone maker.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment3849843549977364840817711120384000\" class=\"ad\">\n<p>Advertisement 6<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Nvidia, the chip company that\u2019s become the poster child of Wall Street\u2019s AI bonanza, fell even more, 6.4 per cent. Analysts cut their profit forecasts over the weekend for the company after a report from The Information said Nvidia\u2019s new AI chip is delayed. The recent selling has trimmed Nvidia\u2019s gain for the year to nearly 103% from 170% in the middle of June.<\/p>\n<p>Another Big Tech titan, Alphabet, fell 4.4 per cent after a U.S. judge ruled Google\u2019s search engine has been illegally exploiting its dominance to squash competition and stifle innovation.<\/p>\n<p>All told, the S&amp;P 500 fell 160.23 points to 5,186.33. The Dow sank 1,033.99 to 38,703.27, and the Nasdaq composite tumbled 576.08 to 16,200.08.<\/p>\n<section aria-labelledby=\"moreTopicLabel4720445232907529315421857748353024\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" economy=\"\" is=\"\" tanking=\"\" but=\"\" at=\"\" least=\"\" investors=\"\" have=\"\" options=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=96&strip=all&quality=5&sig=ozYJoRSwmAxSXSIEDmDS1A&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=96&strip=all&quality=5&sig=ozYJoRSwmAxSXSIEDmDS1A&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=96&strip=all&quality=5&sig=ozYJoRSwmAxSXSIEDmDS1A&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=96&strip=all&quality=5&sig=ozYJoRSwmAxSXSIEDmDS1A&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=96&strip=all&quality=5&sig=ozYJoRSwmAxSXSIEDmDS1A&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=96&strip=all&quality=5&sig=ozYJoRSwmAxSXSIEDmDS1A&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=96&strip=all&quality=5&sig=ozYJoRSwmAxSXSIEDmDS1A&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=96&strip=all&quality=5&sig=ozYJoRSwmAxSXSIEDmDS1A&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=96&strip=all&quality=5&sig=ozYJoRSwmAxSXSIEDmDS1A&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=96&strip=all&quality=5&sig=ozYJoRSwmAxSXSIEDmDS1A&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=96&strip=all&quality=5&sig=ozYJoRSwmAxSXSIEDmDS1A&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"The falling Canadian dollar means higher costs for goods imported from the United States.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=96&strip=all&quality=80&sig=2ouTaUBwkt6OimBCzCrVog\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=96&strip=all&quality=5&sig=ozYJoRSwmAxSXSIEDmDS1A&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=96&strip=all&quality=80&sig=2ouTaUBwkt6OimBCzCrVog, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=192&strip=all&quality=80&sig=y2DX_ZsJCafpyDwVwX5Awg 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/canadian-economy-0806-ph.jpg?h=288&strip=all&quality=80&sig=O6kGg6cEhILfKJb6Dk8F5Q 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Canada&#8217;s economy is tanking, but at least investors have options<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" economy=\"\" is=\"\" weaker=\"\" than=\"\" it=\"\" looks:=\"\" desjardins=\"\" marc=\"\" desormeaux=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/jobs-0802-ph.jpg?h=96&strip=all&quality=5&sig=RfCYj52Q9BcQpP-GBZ4bOg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/jobs-0802-ph.jpg?h=96&strip=all&quality=5&sig=RfCYj52Q9BcQpP-GBZ4bOg&ssl=1&w=100&resize=100&ssl=1 100w, 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https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/jobs-0802-ph.jpg?h=96&strip=all&quality=5&sig=RfCYj52Q9BcQpP-GBZ4bOg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"A sign informing job-seekers of no employment hangs on a store window in Nova Scotia. \" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/jobs-0802-ph.jpg?h=96&strip=all&quality=80&sig=clG12Lj2hMbaDsyE1b-s-A\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/jobs-0802-ph.jpg?h=96&strip=all&quality=5&sig=RfCYj52Q9BcQpP-GBZ4bOg&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/jobs-0802-ph.jpg?h=96&strip=all&quality=80&sig=clG12Lj2hMbaDsyE1b-s-A, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/jobs-0802-ph.jpg?h=192&strip=all&quality=80&sig=gLyFQKvVpTPziSDSxEW2pQ 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/jobs-0802-ph.jpg?h=288&strip=all&quality=80&sig=qp8t_Jyd5QIS6_vpSHMsBA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Canadian economy is weaker than it looks: Desjardins&#8217; Marc Desormeaux<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>Worries outside corporate profits, interest rates and the economy are also weighing on the market. The Israel-Hamas war may be worsening, which beyond its human toll could cause sharp swings for the price of oil. That\u2019s adding to broader worries about potential hotspots around the world, while upcoming U.S. elections could further scramble things.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_7\">\n<section aria-describedby=\"advertisment7380124607029404456643824145399808\" class=\"ad\">\n<p>Advertisement 7<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-7\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"7\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-7\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Wall Street has been concerned about how policies coming out of November could impact markets, but the sharp swings for stock prices could affect the election itself.<\/p>\n<p>The threat of a recession is likely to put Vice-President Kamala Harris on the defensive. But slower growth could also further reduce inflation and force former President Donald Trump to pivot from his current focus on higher prices to outlining ways to revive the economy.<\/p>\n<p>\u201cIt comes down to jobs,\u201d said Quincy Krosby, chief global strategist for LPL Financial. Jobs drive spending by U.S. consumers, which in turn is the biggest part of the U.S. economy.<\/p>\n<p>\u201cWhen we get to election day, the unemployment rate is going to be extremely important.\u201d<\/p>\n<p><em>The Associated Press<\/em><\/p>\n<p><em>\u2014 with additional reporting from Elaine Kurtenbach, Matt Ott, Christopher Rugaber and Damian J. Troise<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Tech stocks hit hardest as global market plunge on U.S. economic concerns<\/a><br \/>\n<br \/>2024-08-05 15:08:16<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Nearly everything on Wall Street is tumbling Monday Published Aug 05, 2024 \u00a0\u2022\u00a0 Last updated 12\u00a0hours ago \u00a0\u2022\u00a0 6 minute read You can save this&#8230;<\/p>\n","protected":false},"author":2,"featured_media":50163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/08\/dow-plunges-over-1000-points-as-markets-continue-sell-off.jpeg?quality=90&strip=all&w=288&h=216&sig=6hRSwkAVDd7W1EENKK0g5Q","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-50162","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/50162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=50162"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/50162\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/50163"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=50162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=50162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=50162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}