The S&P 500 has fallen to its lowest point since April 2021, reaching 4,000 points as the market fell another 3.2% overnight.
The combination of Chinese weakness, higher bond yields and growing uncertainty around growth has continued to push US stock markets lower.
The Dow Jones comparatively outperformed, falling 2%, with the Nasdaq suffering another 4.3% selloff.
Palantir at all-time low
Palantir (NYSE: PLTR), one of the companies that benefited from the dominance of technology post the pandemic, fell another 21% after reporting a weaker than expected outlook.
This sent Palantir shares down 60% for the year as the company posted quarterly revenue of US$446 million following a slowdown in government work for its data analytic software.
The company is guiding for US$470 million in revenue in the current quarter, below analyst expectations.
Bitcoin halves since November peak
Bitcoin has offered little in the form of a hedge, with the cryptocurrency down 10% overnight alongside the Nasdaq, moving below US$35,000 and taking the drop from the 2021 high to more than 50%.
Nearly every risk asset is being sold off in this environment, but it remains as important as ever to hold the course and rely on diversification amid what is ultimately a market still seeking direction.
US stock market movers
Here’s how other popular US stocks started the week.
- Amazon (NASDAQ: AMZN) down 5.2%
- Tesla (NASDAQ: TSLA) down 9.1%
- Airbnb (NASDAQ: ABNB) down 12.1%
- Block (NYSE: SQ) down 12.8%
- Okta (NASDAQ: OKTA) down 13.3%
- MercadoLibre (NASDAQ: MELI) down 16.9%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to follow this negative lead from US markets to open lower this morning. For a round-up of the latest news, check out my ASX 200 morning report.