Stocks Plunge Amid Recession Fears – Japan Hit Hardest Since '87 Black Monday
August 5, 2024
Breaking News
Stocks Plunge Amid Recession Fears – Japan Hit Hardest Since '87 Black Monday. 📉 Stock markets tumbled on Monday, with Japan's Nikkei experiencing its largest one-day fall since 1987, as fears of a U.S. recession sent investors fleeing from risk. European stocks also opened lower, while safe-haven currencies like the yen and Swiss franc surged. Reuters reports.
The Warm Up
📊 SecureUp: Motorola Solutions raises annual revenue. Reuters reports.
🚫 VidBan: Russia accuses YouTube of censoring content at Washington's behest. Yahoo Finance reports.
📉 Techslide: Nvidia falls more than 5% as chip stocks hammered again. Yahoo Finance reports.
✂️ CrowdCutter: Google-parent Alphabet cut stake in Crowdstrike before July global outage. Reuters reports.
💥 SiliconSlump: Intel shares plunge 28%, dragging down global chip stocks. CNBC reports.
🔒 TikTension: DOJ faces Friday deadline on TikTok children privacy suit. Yahoo Finance reports.
A Question About Risk
* Bob Iaccino is a chief market strategist and co-founder of Path Trading Partners. He joins us live every Thursday from 11am ET, as our Risk Management educator.
Why Is Diversification So Important?
The simpler you can make your entries, the more charts you can analyze, and the more assets you can trade. This approach aligns with the number one recommendation for any diversified investor: diversification.
Even if you're trading just one stock today, you're still diversified because you’re choosing the one most likely to succeed based on your process. You minimize exposure to less promising stocks. This is why diversification is so powerful.
Friday’s Biggest Movers
The closing price of the top three market percent gainers trading near or above $3 on August 2.
*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time
1. $VSEE: VSee Health
Total gain: +72.43%
The company announced an agreement to develop telepresence solutions for the inpatient intensive care market, including the development of a VSee-powered Ava robot that allows providers to extend their reach and provide personalized care remotely. Benzinga reports.
2. $OSTX: OS Therapies
Total gain: +50.60%
The company announced the formation of a Patient Advocacy Advisory Board (PAAB) for its osteosarcoma program. The purpose of the PAAB is to represent voices from the osteosarcoma community regarding the need for new therapies as the company prepares to engage in discussions with the US Food & Drug Administration. Benzinga reports.
3. $MKDW: MKDWELLT
Total gain: +43.79%
The stock appeared to be moving on no notable news.
Today’s Notable Earnings
*Estimate and Actual numbers represent Earnings Per Share in US Dollars
MWA: Mueller Water Products
3Q 2024
After Market Close
Estimate: 0.220
Actual: N/A
YUMC: Yum China Holdings
2Q 2024
After Market Close
Estimate: 0.470
Actual: N/A
CAR: Avis Budget Group
2Q 2024
After Market Close
Estimate: 2.660
Actual: N/A
Today’s Key Economic Dates
Time (ET) / Report / Period
9:45 am - S&P final U.S. services PMI - July
10:00 am - ISM services - July
Parting Thoughts
"Trading is a journey of self-discovery. The markets reveal your strengths and weaknesses, and it’s your job to learn and grow from each experience."
― Brent Donnelly
Sourced in:
“The Art of Currency Trading: A Professional's Guide to the Foreign Exchange
Market”, by Brent Donnelly, published in 2019