Wall Street plunges as US recession fears hurt risk appetite
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Wall Street's main indexes slumped on Monday as risk appetite among investors dropped on fears of a US recession following weak economic data last week; The so-called Magnificent Seven group of stocks were set to lose a combined $650 billion in market value; Apple fell 3.9% after Berkshire Hathaway halved its stake in the iPhone maker; Traders now see a 92.5% probability that the US central bank will cut benchmark rates by 50 basis points in September; The CBOE Volatility index breached its long-term average level of 20 points last week and was now at 72.94; US Treasury yields tumbled to their lowest in a year and a closely watched gap between two- and 10-year Treasury notes turned positive for the first time since July 2022, usually indicating the economy is heading into a downturn.

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https://www.brecorder.com/news/40316034/wall-street-plunges-as-us-recession-fears-hurt-risk-appetite