The first Monday in August has arrived with panic sweeping through the finance sector, as nearly $2 trillion was wiped out of the S&P 500 at market open. Investor anxiety over a looming global recession triggered a selloff that sent U.S. stock futures plummeting and raised urgent questions about the Biden’s administration’s economic policies.
As trading began on August 5th, a staggering $1.93 trillion was wiped out from the S&P 500, with stock index futures taking a massive hit.