The Fox Business host was surprised by the Wall Street selloff

Fox Business host Lauren Simonetti was stunned by a massive drop in the NASDAQ Composite Index in early trading Monday morning.

The NASDAQ fell at the open on Monday, above 1,000 points, recovering slightly to 500 points in the first two hours of trading, while the Dow Jones Industrial Average he fell more than 1,000 points in this same period of time, seconds on Yahoo Finance. Simonetti, who co-hosts “Varney and Company” with Stuart Varney, reacted with surprise when Varney lowered Wall Street's initial numbers, calling the drop “history in the making.”

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“They've never been down a thousand points, ever, not even intraday on the NASDAQ,” Simonetti said after Varney listed the market swings, prompting him to ask, “Is that true?”

“That's true,” Simonetti replied.

S&P 500 down more than 120 points in first two hours of trading, Yahoo Finance reported. Shares also fell on Friday after the release of a disappointing jobs report, with just 114,000 jobs added in July and the unemployment rate rising to 4.3%. Previously reported job numbers for May and June were also revised down.

The Federal Reserve it didn't cut its federal funds rate on Wednesday from its 23-year high, but Chairman Jerome Powell left open the possibility of a rate cut later in the year. The vast majority of investors now predict that the Federal Reserve will cut interest rates by 0.5% in September, as the economy shows. signs concerns about softening and recession are circulating, seconds in CME Group's FedWatch tool.

Inflation has also been a problem haunting the US economy, with prices up more than 20% since President Joe Biden took office, even as the consumer price index rose 3.0% year-on-year in June, slightly below economists' expectations, two years after inflation hit a recent peak of 9% in June 2022.

Ahead of the opening of US stocks, the Japanese Nikkei index he fell 12.40% in Monday trading, while Taiwan's TSEC index Lost 8.35% and South Korea's KOSPI index he fell 8.77% in Monday trading.

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