The first Monday of August brought with it a catastrophic stock market crash, the waves of which were felt across the globe. The Indian rupee fell to its lowest point on record, closing at 83.8450, down 0.1% from the last session.
What happened?
The major motivating factor in this unprecedented ‘Black Monday’ has been the disappointing US jobs report released by the government, carrying an employment rate that predicted recession-like trends and declining economic development that caused investors to sell heavily in the domestic stock market. This triggered mayhem across global markets.
The collision of these factors has led to the major stock index of India, namely the BSE Sensex and Nifty 50, seeing their biggest single-day plummet in over two months.
As the overall market capitalization of firms listed on the BSE fell from approximately 475 lakh crore to nearly 440 lakh crore in the previous season, investors have ended up losing around 17 lakh crores in a session, according to Mint.
The unwinding of Yen has also hit Japan: Nikkei, “the world’s largest financial newspaper”, has suffered a 12% plunge. Other affected markets include London, Taiwan, Seoul, Shanghai and Hong Kong.
The internet reacts:
The alarming Stock Market Crash triggered a wave of explosive reactions on social media, ranging from fear to outrage to absurd comedy. A flurry of memes are being used by internet users to discuss the current economic situation:
#stockmarketcrash pic.twitter.com/AhGnvJ6I9d
— Magicbullindia (@Magicbullindia) August 6, 2024
😭😭
#stockmarketcrash pic.twitter.com/dxQoeVJYXd— Alpha🐯 (@AlphaTwt_) August 5, 2024
Message to anyone who is logging to check portfolio today #stockmarketcrash #Japan pic.twitter.com/yIyjhIiRAw
— Finance Memes (@Qid_Memez) August 5, 2024
#stockmarketcrash pic.twitter.com/RWEvHuRST6
— Kunal Mishra (@k4kunalm) August 5, 2024
🔴LIVE VIEW of every investor worldwide right now#StockMarket #Bitcoin pic.twitter.com/61JfcXsQ0j
— Kevin Svenson (@KevinSvenson_) August 5, 2024
Investors looking at portfolio falling from today morning..#stockmarketcrash #StockMarketindia pic.twitter.com/5OmZ5ihK3u
— MemeOverlord (@MemeOverlord_kk) August 5, 2024
Ab wo mujhe subah se dhundh rha h 😭#stockmarketcrash #recession pic.twitter.com/r4ot5HBIH9
— RKB(army)💧 (@RakeshBish99450) August 5, 2024
#stockmarketcrash #stockmarketcrash2024 pic.twitter.com/w5tQKrZoBA
— MemeMystique (@MemeMystique) August 5, 2024
People who don’t understand Stock market right now 🥱 #stockmarketcrash pic.twitter.com/nplvQCkKFS
— Veena Jain (@DrJain21) August 5, 2024
