2024 Stock Market Crash depicting a man watching stocks and a tweet from Intel's CEO quoting bible verses.

2024 Stock Market Crash

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Updated Aug 05, 2024 at 02:23PM EDT by sakshi.

Added Aug 05, 2024 at 08:20AM EDT by sakshi.

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Overview

The 2024 Stock Market Crash refers to memes and jokes about various notable stocks crashing around the world in early August 2024, reportedly due to concerns about a possible recession in the U.S., as well as the possibility that the Israel-Hamas conflict could widen. This includes Japan's stock market crash (Nikkei 225) and the European stock market falling, as well as the fall in cryptocurrency prices in early August 2024. Notably, Intel CEO Pat Gelsinger posted an excerpt from the Bible to Twitter / X, causing many to joke about what it means for the markets for CEOs to post scripture online.

Background

Intel Stock Falls

On August 3rd, 2024, Intel Corp.'s stock fell 26 percent, with the company losing over $30 billion after Intel understood massive layoffs and slashed expenses (news coverage shown below).[2]



Japan's Nikkei Index Crashes and Asian Markets Falling

Japan's benchmark stock index, the Nikkei 224, fell by 12 percent on August 5th, 2024, marking the biggest single-day fall since the Black Monday crash of 1987. The news was followed by discussions about a global stock market rout, with Korea's Kospi falling by 9 percent and similar share indices in Australia, Hong Kong, and China dropping heavily.

ABC News Australia covered the story on YouTube[1] on August 5th (local time), gathering over 22,000 views in a day (seen below).



U.S. and European Stock Markets Falling

On August 2nd, 2024, reports emerged that far fewer jobs had been added by employers than economists predicted in the U.S. and that unemployment had jumped to 4.3 percent as hiring slowed in July.[8] Following the jobs report, worries began to rise that the Federal Reserve kept interest rates too high for too long, reportedly raising the risk of a recession in the U.S. Financial markets dipped that day but fell considerably further on August 5th as markets reopened after the weekend around the world.

On August 5th, 2024, European markets opened lower, with Germany's DAX reportedly down 2.3 percent, the CAC 40 in Paris down 1.9 percent and the FTSE 100 in London down 2.1 percent.[9] That day, ABC News uploaded coverage of the stock market plunges around the globe to its YouTube channel, receiving over 12,000 views in three hours (shown below).



Online Reactions

Reactions to the reports of stock markets crashing or dipping around the world spread online in early August 2024. For example, on August 4th, 2024, Redditor /u/Suspicious-Bad4703 posted a graph to the subreddit /r/wallstreetbets [3] showing Japan's stock market crash, gathering over 9,000 upvotes in a day (seen below).


9412 Japanese Stocks are Crashing Chart (i.redd.it) submitted 13 hours ago by Suspicious-Bad4703 922 comments (4 new) share save hide report crosspost hide all child comments -3000 2000 1000 -0 -1000 -2000 Nikkei biggest 2-day drop in history -3000 -4000 -4527.0391 -5000 1980-1984 1985-1989 1990-1994 1995-1999 2000-2004 2005-2009 2010-2014 2015-2019 2020-2024

On August 5th, 2024, the X[4] account @TrumpDailyPosts reposted a Truth Social post by Donald Trump in which he wrote, "STOCK MARKETS ARE CRASHING, JOBS NUMBERS ARE TERRIBLE, WE ARE HEADING TO WORLD WAR lll, AND WE HAVE TWO OF THE MOST INCOMPETENT 'LEADERS' IN HISTORY. THIS IS NOT GOOD!!!"


Donald J. Trump Posts From His Truth Social @TrumpDailyPosts Subscribe ... STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN'T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP! Donald Trump Truth Social 11:07 PM EST 08/04/24 @realDonaldTrump 11:09 PM • Aug 4, 2024 3.7M Views

Also on August 5th, 2024, X[10] user @BRICSinfo posted an image showing the nearly $2 Trillion loss suffered by the U.S. Stock markets on Monday, gathering over 8,000 likes in a day (seen below).


Technology Services > 80 META -6.49% Finance > BH BAC -5.93% BRK.B WF Goldman Sachs Health Technology > KKR 臣 MSFT -4.59% ORACLE ORCL -4.61% N -3.49% NFLX -3.65% CRM -4.24% AM EX us CH сс A Intuit now ADP JPMC & Co. SIMON Blackstone citi ADBE -4.28% -3.92% -4.52% +0.55% Public Storage P BR charles SCHWAB TF D Lilly MRK -0.83% TMO -1.58% DHR -2.76% AON welltower Ice LLY INTUITIVE SURGICAL st AMILI -6.13% ABT -0.15% VICI CBRE DISCOVER AMGEN J&J R -0.61% Zoetis +0.34% AMGN -2.48% bostic Акаств 3M PAYCHEX JPM -3.88% Pfizer abbvie MS fiserv Aflac Capital -3.12% ICEDX FICO Gartner Retail Trade > Producer Manufacturing > Energy Minerals > Utilities > GOOGL -4.61% Electronic Technology > ACN SYNOPSYS -3.43% -3.61% AEP 6 Fis cadence EA IBM EATON a Exxon Mobil -5.21% PACCER ITW 團 AMZN -7.59% CAT Λ OTIS R XOM -1.74% NEE -1.74% PGE M 66 C AVGO -6.75% AMD -5.49% WMT -1.43% AAPL -6.91% CISCO Copart -1.67% O'Reilly TJX -2.14% -3.06% -1.82% -1.15% COSED H -1.14% +0.91% -2.07% -3.38% Consumer Non-Durables > AutoZone NVDA -11.50% (intel) GD NG M TRANSDIGM Micron MPS Amphenol P&G M PG PEP +0.08% +1.11% ARISTA H Parker Coca-Cola 20% X KLA KO PM -0.59% -0.72% LOUS LOW -1.36% ROSS Consumer Services > M +0.12% BH CINTAS Hilton © Charter Commercial Services > VISA g K V -2.22% 14000 MOODY'S Health Services > UNH -0.74% A Process Industries > SHERWIN WILLIAMS Consumer Durables > T CENTENE TSLA -9.56% 9 Communic... > Industri... > T WM ECOLAB LIN -0.46% Transportation > -2.79% Distribution... > CSX ups MCKESSON Uber FedEx SLB W Non-En... > FASTENU F:M

Various /r/wallstreetbets users reported that their preferred trading and investment apps were operational on August 5th, as seen in a post by /u/holyother_[11] where they report being unable to log into their trading apps entirely.

Intel CEO Posting Bible Verses

On August 4th, 2024, Intel CEO Pat Gelsinger[5] posted a tweet that read, "'Let your eyes look straight ahead; fix your gaze directly before you. Give careful thought to the paths for your feet and be steadfast in all your ways' Proverbs 4:25-26," gathering over 2,000 retweets and 10,000 likes in a day (seen below).


Pat Gelsinger @PGelsinger intel "Let your eyes look straight ahead; fix your gaze directly before you. Give careful thought to the paths for your feet and be steadfast in all your ways" Proverbs 4:25-26 12:07 PM • Aug 4, 2024 8.5M Views

The post led to various X users joking about the Intel CEO posting "scripture" after the stock markets crash, as seen in posts by X[6][7] users @Txp_RBI_Xctuxl and @datnofact (seen below, left and right).


T_p_tio @Txp_RBI_Xctuxl The Intel CEO is posting scripture. Pat Gelsinger intel @PGelsinger. 21h "Let your eyes look straight ahead; fix your gaze directly before you. Give careful thought to the paths for your feet and be steadfast in all your ways" Proverbs 4:25-26 11:35 PM • Aug 4, 2024 2.1M Views STOP DatNoFact (@datnofac Follow ... @datnofact hello I'm new to the stock market is it good when the intel ceo starts praying Pat Gelsinger ❤ntet @PGelsinger • 21h "Let your eyes look straight ahead; fix your gaze directly before you. Give careful thought to the paths for your feet and be steadfast in all your ways" Proverbs 4:25-26 5:41 PM • Aug 4, 2024 3.4M Views

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