The tech industry got smashed overnight shares in Apple fell after Berkshire Hathaway halved its stake in the iPhone maker.

Billionaire investor Warren Buffett also let cash at Berkshire soar to US$277 billion.

Nvidia, Microsoft (and Alphabet also followed Apple down.

Dell has already started laying off people as their share value slipped over 4%.

Lenovo shares only fell 2.1% while HP fell 2.8%, Sonos shares tumbled, already down 17.5% for the month the stock fell 4.55%, Netgear was also down 4.33% for the day.

Vox International the manufacturer of Klipsch Onkyo and Integra audio products has seen their shares fall 72% this year also witnessed falls as the US market fell.

In Tokyo, the Nikkei was down 12%.

n Seoul, the Kospi sank 9%.

And when the opening bell rang in New York, the Nasdaq plunged 6% in seconds.

The big question is whether the markets wild gyrations are over and whether Asian markets including the ASX will pull back today.

The consensus is that Australian shares are poised to extend their losses as the sell-off of global assets, triggered by rising concerns that the US is heading towards a recession. et.

ASX futures were down 27 points lower or 0.4 per cent near 8am AEST. Futures were down as much as 0.8 per cent earlier.

Some big losers who those who dived into Nvidia shares pushing them up 1,100% in less than two years.

Overnight Nvidia shares fell 6.36% and 20.17% during the past month.

Some investors in Nvidia who are now facing production problems loaded up on junk-rated loans bundled into bonds or borrowed money in Japan and ploughing it into Nvidia stock.

There are now calls for the Federal Reserve to start cutting interest rates even before the next scheduled policy meeting in September.

Some are suggesting the Reserve Bank In Australia should look at cuts earlier with a decision due today.

the next RBA Board meeting and Official Cash Rate announcement will be made at 2.20pm.

As of the 1st of August, the ASX 30 Day Interbank Cash Rate Futures August 2024 contract was trading at 95.67, indicating a 5% expectation of an interest rate decrease to 4.10% at the next RBA Board meeting.

Some claim that we are back to the days of the big crash in 1987 when the stock market had its biggest one-day fall ever, with the S&P 500 down more than 20 per cent on Black Monday in October.

According to Bloomberg Matt Maley, chief market strategist at Miller Tabak + Co., rushed back to the place he was renting in London and whipped out his laptop.

He was there on vacation with his family, but those plans were out now.

He remembers the 1987 crash and the jolt it gave him and said he felt a bit of a deja vu Monday morning.

“You don’t wake up every day like this,” Maley said. “I remember how things got in 1987.”

Across Wall Street, economists started predicting that the Fed would need to swoop in with half-point cuts or act between meetings — the kind of step usually reserved for a crisis.

By late afternoon in the US, stocks recovered from their low, leaving the Nasdaq Composite Index down 3.4%.

“I’m still concerned,” said Maley, “We’re still worried about earnings and the economy.”
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