Wall Street endured one of its most violent sessions in years, erasing roughly $3 trillion in market capitalization from S&P 500 companies. The Nasdaq recorded its steepest daily decline since the pandemic, with the Nasdaq 100 falling about 6.4% and futures extending the drop to 7.1% after the close. Investors faced concerns about artificial intelligence profitability, capital expenditure and potentially tighter regulation, while record leverage amplified the decline. The crypto market’s total capitalization, estimated at $2.55 trillion to $2.65 trillion, remains below the $2.9 trillion to $3 trillion lost in a single session by S&P 500 companies alone, with Bitcoin accounting for about 60% of crypto’s total value.
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