On Monday, Markets contracted after the S&P 500 dropped over 50 points and Dow Jones Industrial Average dropped 600 points which marked the worst day of the year. This was as a result of China deciding to level up their currency to increase exports and escalating trade war tensions between the US and China.
Furthermore, Apple Inc. dropped 5% after China’s currency devaluation but their stock is recovering after news of their production lines relying upto 30% less on China. Additionally, Alphabet Inc. dropped 4.5% after a market retreat on Monday.
The Federal Reserve cut their interest rates after a decade. Facebook, Alphabet, Snap Inc. and Twitter Inc. were under pressure after an increased fear of government oversight after mass shootings over the weekend.
Walt Disney Shares fell over 4% after the company reported lower than expected earnings.
In other news, Amazon stock dropped 6% over 3 days after Jeff Bezos sold nearly $3 Billion worth of Amazon shares at a rate of 300,000 per day. P&G recorded a quarterly loss after Gillette shaving products’ value dropped by $8 Billion. This was partly due to a fashion for beards among younger men.
America’s Justice Department approved the T-Mobile and Sprint merger after an agreement made by the 3 that they sell some assets to Dish to increase overall market competition.