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The Dow Jones Industrial Average plunged nearly 1,000 points intraday on August 1, 2024, amid a broader market sell-off that saw the Nasdaq drop 2.3% and the S&P 500 fall 1.37%. This volatility followed the release of economic data, which strengthened expectations for Federal Reserve rate cuts and also heightened fears of a looming recession. Analysts noted that even if the Fed cuts rates in September, it might be too late to avert economic downturn.

Tech giants also faced challenges, with Apple reporting a slight year-over-year decline in iPhone sales for its third fiscal quarter, despite an overall revenue increase of 4.9% to $85.78 billion, exceeding market expectations. Apple CEO Tim Cook highlighted record high iPhone install base in Mainland China and expressed confidence in the Chinese market's performance.

Intel announced more than 15,000 job cuts, equivalent to 15% of its workforce, and plans to reduce capital expenditure, aiming to cut costs by $10 billion by 2025. The company's second-quarter revenue was below expectations, and it forecast a third-quarter revenue significantly lower than analyst estimates, leading to a post-earnings drop of over 19% in its stock price.

Meanwhile, Amazon's Q3 guidance fell short, causing its stock to drop over 6% after hours. The company reported Q2 net sales of $147.98 billion, a 10% increase year-over-year but below analyst expectations. Despite a 93.8% increase in diluted EPS to $1.26, concerns over slowing sales growth and profit margins led to the stock's decline.