The U.S. markets closed sharply lower on Thursday. The Dow Jones Industrial Average finished at 48,909 points, down 1.2 %. The technology‑focused Nasdaq‑100 ended at 24,549 points, a fall of 1.4 %, while the broader S&P 500 closed at 6,798 points, also down 1.2 %.
In the crypto market panic selling was widespread, with Bitcoin taking about a 12 % drop during the day. Many investors, including private traders, are now pulling out, trying to lock in the substantial gains of previous years.
Amazon’s shares slumped roughly 5 % after the company released its quarterly results. Even though the forecasts were largely met, earnings did not meet expectations. Amazon’s core business has shifted from online retail to cloud services, and analysts suggest that rivals in AI technology are beginning to offer attractive alternatives, eroding Amazon’s dominance.
The euro weakened against the dollar in the evening. One euro bought 1.1780 U.S. dollars, while one U.S. dollar was worth 0.8489 euros.
Gold also fell sharply. Trading in the evening put a troy ounce at $4,804, a decline of 3.2 %, which translates to €131.12 per gram.
Oil prices fell as well. Brent crude, the benchmark North Sea crude grade, traded at $67.37 per barrel at about 10 p.m. German time, down 0.20 USD-or 3.0 %-from the previous day’s close.