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Stocks Plunge Amid US Recession Fears
Global stocks have dropped sharply amid concerns that the US may be on the verge of a recession. ?UK, European, and Asian markets declined, and Bitcoin reached a seven-month low after Federal Reserve Governor Christopher Waller warned of "eye-popping" layoffs at major US companies. Markets were already on edge as investors awaited crucial US economic data and worried that Artificial Intelligence stocks were vulnerable to a sharp correction.? Japan's Nikkei dropped by 3% in its largest one-day fall since April, while the FTSE 100 in London sank by as much as 1.2%. This occurred after an extended overnight sell-off on Wall Street, as markets anticipated a backlog of economic data releases that the 43-day US government shutdown had delayed. White House economic advisor Kevin Hassett said that the jobs market was exhibiting "mixed signals" ahead of the publication of long-awaited September employment data. "I think that there could be a little bit of almost quiet time in the labor market because firms are finding the AI is making their workers so productive that they don't necessarily have to hire the new kids out of college," Hassett said. This comes as a record number of fund managers expressed fears that companies are "overinvesting," citing the billions of dollars tech giants are pouring into AI. In a Bank of America survey, many investors expressed concern about the "magnitude and financing" of the AI-driven capital expenditure boom.
https://www.msn.com/en-us/money/markets/stocks-plunge-amid-us-recession-fears/vi-AA1QGa8q?