Global markets are experiencing a sharp sell-off due to fears of a U.S. recession, driven by a disappointing July jobs report. Japan's Nikkei 225 plunged 12%, its worst day since 1987. Concerns are growing that the Federal Reserve is not cutting interest rates quickly enough to address the slowdown. Nvidia's stock fell over 5% and is down 23% from its recent high.
In the U.S., the S&P 500 and Nasdaq 100 indices are both undergoing corrections, dropping 10% and 14%, respectively, from recent highs. Historically, stock market corrections are common, with an average annual downturn of 13.7%.
In the automotive sector, vehicle costs have risen 20% since 2021, leading consumers to prefer smaller, more affordable vehicles. Compact car sales are up 18%, and compact SUVs, like the Chevy Trax, have surged by 230%. Sales of large pickup trucks have declined by 4%, although pickups remain the top sellers. Electric vehicles (EVs) are still largely unaffordable for most consumers.
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