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$2.9 Trillion Wiped Out from Stocks Amid Recession Fears, $1.2 Trillion Loss in U.S.

Aug 2, 2024, 04:01 PM

Over $2.9 trillion has been wiped out from major indices and stocks this morning due to growing fears of a global recession and rumours of war. This marks the worst day for stocks since March 16, 2020, during the COVID-19 pandemic fears. The U.S. stock market alone has seen a $1.2 trillion loss today. The market capitalization loss is equivalent to the combined value of major companies such as Meta, Berkshire Hathaway, Taiwan Semiconductor Manufacturing Company, Eli Lilly, and Tesla.