Fed Inaction and Tech Troubles Fuel Market Plunge

Market fears materialized as the Federal Reserve maintained interest rates despite economic slowdown indicators. Disappointing manufacturing and jobs reports, along with poor performance from tech giants like Intel and Amazon, led to a stock market plunge. While lower oil prices and mortgage rates offered some relief, the focus shifted to a potential September rate cut. Bearish perspectives highlighted a market bubble burst and economic weakness due to inflation, while optimists saw a buying opportunity, downplaying the jobs report`s negativity due to weather disruptions.