Stocks Plummet on Tech Earnings and Recession Fears

The Nasdaq Composite index has entered correction territory, falling over 10% from its recent high due to disappointing tech earnings from Amazon and Intel, and a weaker-than-expected jobs report. This downturn has ignited fears of an impending recession and raised concerns over whether the Federal Reserve will need to implement significant interest rate cuts to stabilize the economy. Major tech stocks posted disappointing earnings, exacerbating the selloff. Treasury yields also tumbled as investors recalibrate their expectations for monetary policy. Global markets have reacted with volatility, as economic data from other regions also point towards potential slowdowns. The broader market, including the Dow Jones and S&P 500, also faced significant declines, marking a tumultuous period for equities.