New bloodbath in US stock markets as Dow Jones and NASDAQ indexes tumble

The bear market in US equities continued today with another miserable day on Wall Street.

Tesla, Nike, Chevron, American Express, Caterpillar, Meta Platforms (Facebook), Etsy and Salesforce are among the big US companies that have seen their stock prices fall by more than 5%.

By the time markets closed, the tech-heavy NASDAQ Composite Index had fallen 4.08%; the general S&P 500 index fell by 3.25%; and the Dow Jones Industrial Average was down 2.42%.

On Monday, June 13, the S&P 500 surpassed a 20% decline for the year, which put it in bearish territory.

But some stocks fell far more than that, like Netflix (70.98%), Etsy (-67.13%), Meta Platforms (-52.48%), Tesla (-46.72%) and Amazon (- 39.17%).

Meanwhile, the S&P/TSX Composite Index plunged 3.1% today. But so far in 2022, it has only fallen by 10.51%, partly due to high oil prices.

Markets fell due to international turmoil and persistently high inflation.

Despite Tesla’s share price plummeting, its CEO, Elon Musk, remains in the top spot in the market. Forbes list of real-time billionaires with a net worth of US$200.2 billion.

This week, when Musk was asked on Twitter who he favored as the next US president, he replied that he was leaning towards supporting Florida Governor and Tea Party trumpeter Ron DeSantis.

DeSantis, a Republican, was one of the US governors who took the toughest line against imposing restrictions in response to COVID-19.

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