By C. Perera, JadeTimes News
US stock markets experienced a sharp decline on Monday, following similar downturns in Europe and Asia, as fears grew about a potential slowdown in the American economy.
The Nasdaq index, which is heavily weighted towards technology stocks, opened 6.3% lower after a significant drop at the end of the previous week but managed to reduce its losses during the day. Other major US indexes also opened sharply down, while stock markets in Europe and Asia plummeted, with Japan's Nikkei 225 dropping by approximately 12.4%.
The market turbulence was triggered by weak US jobs data released on Friday, which raised concerns about the health of the world's largest economy. Additionally, the US Federal Reserve's decision not to cut interest rates last week, unlike other central banks such as the Bank of England, further fueled these concerns.
There is also apprehension that stocks in major technology companies, particularly those heavily invested in artificial intelligence , are overvalued and now facing challenges.
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