Top US stock market indices like the S&P 500, Nasdaq 100, and Dow Jones suffered a harsh reversal on Thursday and Friday, erasing billions of dollars in value. The S&P 500 Index retreated by 3% from its year-to-date high, while the Dow Jones and Nasdaq 100 fell by 1.35% and 6%, respectively.
Top Analyst Gives Reasons For the S&P 500, Nasdaq 100, and Dow Jones Crash
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A top market analyst has given the top reasons why the stock market crashed in the final two days of the week. In an X post, The Kobeissi Letter blamed the sell-off to a combination of factors.
He pointed to the strong macro numbers released this week, which pushed the odds of Fed hikes upwards. A report released on Friday showed that the US nonfarm payrolls rose by 172k in May, higher than the expected 85k.
