The Dow got hit hard today, and so did most other parts of the market as traders prep for earnings from Nvidia and big box retailers and brace for the release of government data.
The Dow fell 557 points, or 1.2%, while the S&P 500 fell 0.9% and the Nasdaq Composite was down 0.8%. Crypto was down too, with Bitcoin losing 2.6%, the loudest evidence of the market’s pessimism on risky investments.
There was no clear trigger for the selling. Data showed construction spending decreased 1.6% compared with a year ago. While that’s negative for U.S. economic growth and in turn the risk-on trade, it would hardly elicit such a selloff.