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Do you remember the panic waves that plunged Wall Street into chaos in September 2008? Well, several indicators are signaling that it’s happening all over again. And industry strategists are saying that once selling starts to spiral out of control, it’s going to be nearly impossible to stop it. On Monday, the Dow Jones Industrial fell to the lowest level since June 2020, marking the seventh biggest single-day decline in history. The drop was actually larger than anything we witnessed back in 2008. It was fueled by a sudden shift in sentiment as investors got extremely disappointed by the monthly inflation report because it showed that the recent efforts to tame inflation expansion aren’t working, and that means more rate hikes are coming. Major industry players are alerting us that we haven’t hit bottom yet, and a much more dramatic stock industry crash is about to occur.
Wall Street is in a very sour mood right now. Another mass selloff took place on Tuesday, and things are starting to look quite frightening. The Dow went on a free fall yesterday, and other indexes followed suit. In a single day, the Dow slid 1,276 points, losing 3.94% and closing at 31,104.97. The S&P 500 and the Nasdaq Composite actually performed even worse, plunging 4.32% and 5.16%, respectively.
All 11 sectors of the S&P 500 recorded losses, with only five shares finishing in positive territory. Tech shares suffered the most, with Facebook-parent Meta skidding 9.4% and chip giant Nvidia shedding 9.5%. The sharp declines marked the worst day for shares since the burst of the health crisis. Of course, a single bad day does not make a full-blown meltdown, but it might indicate that one is rapidly approaching.Â
The collapse was mostly driven by worries about inflation. Inflation figures for the month of August were so much worse than expected that at this point traders see a one-in-five chance for a full percentage point next week. That would be quadruple the usual move, and no one in the futures industry was predicting such a hike just a day earlier.
According to the CME Group, “traders now see a better than 60% likelihood the Fed will pull its federal funds rate all the way up to a range of 4.25% to 4.50%. A day earlier, they saw less than a 17% chance of such a high rate.” Furthermore, veteran investor and GMO co-founder, Jeremy Grantham, who cautioned about an epic “superbubble” across shares, fixed-income securities, and housing, repeated his warning of an impending burst in a research note released this week. Grantham dismissed the latest rebound in shares as a brief reprieve, arguing that previous superbubbles have always been followed by industry declines of at least 50%. “Each cycle is different and unique — but every historical parallel suggests that the worst is yet to come,” he added.
Another remarkable warning came from billionaire John Catsimatidis, who said soaring finance charge rates will cause more harm than good, and eventually, they’ll push financial markets and the economy other the edge, sparking another global financial meltdown. In an interview with Fox enterprise, Catsimatidis urged the Fed to stop monetary tightening. “So I call upon the Federal Reserve…If we keep raising finance charge rates, we’re going to destroy the rest of the country. Somebody has to stand up and say it doesn’t have to happen. And they’re going to destroy the rest of the country. And there is a recession, it could turn into a depression,” he said.
The outlook never looked so gloomy. Risks are growing and investors can feel it. We encourage you to brace yourself for a catastrophic stock industry crash because that is precisely what each and every piece of evidence is telling us to do.
For more info, find us on: https://www.epiceconomist.com/
And visit: http://theeconomiccollapseblog.com/
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