On Thursday, the S&P 500 dropped 2.31 at 5,427.13, the worst one-day trade since December 2022. The American benchmark that tracks the performance of 500 of the largest companies listed on the US stock exchange experienced its worst single-day performance.
Meanwhile, the Nasdaq saw its first major single-day percentage decline since October 2022 losing $1 trillion (Rs 83 lakh crore). The Dow Jones declined 1.25 per cent, or 504.22 points, to 39,853.87.
The decline in American markets could be attributed to investors' disappointment with the earnings of Alphabet and Tesla, two major giants in the world. In all, the world's 10 wealthiest people lost nearly $66 billion in a day.
The biggest loser was Tesla CEO Elon Musk, whose fortune fell by $17.1 billion to $231 billion as the result of a 12% decline in Tesla shares. Despite the big loss, Musk still holds onto his title as the world’s richest person, maintaining a $33 billion lead over number two richest, Amazon chairman Jeff Bezos, who lost $5.2 billion as Amazon shares fell nearly 3%.
