The U.S. stock market is seeing a slight rebound after yesterday’s historic market slump.
The DOW was down more than 1,000 points when U.S. markets opened yesterday – triggered by Friday’s dismal jobs report for July. Financial Issues host Shana Burt broke down the report this morning, video of which is available above.
The crash echoed a major collapse in global markets, with Japan seeing its biggest single-day drop-off since the Black Monday crash of 1987 brought on by rising interest rates.
The tech industry saw some of the steepest declines – dropping 4% on the S&P 500. According to the Wall Street Journal, major tech companies such as Amazon, Apple and Microsoft, among others, lost a combined total of $753 billion yesterday morning.
Economists at Goldman Sachs now believe there’s a 25% chance of a U.S. recession in the next 12 months, with JP Morgan analysts saying it could be as high as a 50% chance.