Schaeffer's Top Stock Picks for '25

'Fear Gauge' Soars as Selloff Continues

The market collectively suffered its worst day since 2022

Deputy Editor
Aug 5, 2024 at 4:23 PM
facebook X logo linkedin


Investors quickly lost hope of a market rebound following Friday's freefall, as the global selloff sparked by recession fears continued into Monday. All three major benchmarks notched their worst daily percentage drops since 2022 -- the Dow cratering 1,033 points for its third consecutive daily loss, the Nasdaq sinking further into correction territory with a 576-point drop, and the S&P 500 hitting its lowest level since May. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) soared 64.9% to its highest level since March 2020. 

Continue reading for more on today's market, including:

  • 2 buzzing Japanese stocks moving after Nikkei's selloff
  • Why Kellanova stock soared to nearly 8-year highs. 
  • Plus, Warren Buffett dumps AAPL; crypto slides with Bitcoin; and NVDA faces headwinds.

Summary 0805

NYSE Nasdaq 0805

5 Things to Know Today 

  1. CrowdStrike stock is bucking the selloff after letter to Delta Air Lines (DAL). (Marketwatch)
  2. Google parent Alphabet (GOOGL) lost its antitrust lawsuit to the Department of Justice (DoJ). (Bloomberg)
  3. Warren Buffett's Berkshire Hathaway sells nearly half of AAPL stake
  4. 2 crypto stocks to watch amid sector crash. 
  5. Chip delay dings Nvidia stock

Earnings 0805

UVOL 0805

Oil, Gold Fall Sharply

Fresh off a fourth-straight weekly decline, oil prices fell sharply today, with U.S. crude hitting six-month lows. September-dated West Texas Intermediate (WTI) crude dropped 58 cents or 0.8%, to settle at $72.94 -- its lowest since Feb. 5. 

Despite its "safe-haven" status, gold prices felt the heat from the selloff as well. December-dated gold futures dropped 1% to settle at $2,444.10 per ounce.

 
 

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?