Finance Brief: The night the Nasdaq fell 5.5 percent
Finance Brief: The night the Nasdaq fell 5.5 percent
American stocks had their worst day in years on Thursday, and the shockwave reached Istanbul before the opening bell. For anyone holding shares, gold or lira, it was a day when the safe places held and the risky ones did not.
The Nasdaq Composite fell 5.5 percent, its worst session since March 2020, and the S&P 500 lost about 4.3 percent. Volatility spiked: the VIX fear gauge closed at 28.18, up from 16.61 the day before.
Istanbul felt it. The BIST 100 closed Thursday at 11,333.27, down 1.26 percent, giving back part of Wednesday's strong gain. Technology shares led the fall, down 5.82 percent, while banks rose 1.13 percent. The lira traded near 50.16 to the dollar.
Gold did what gold does on days like this. Spot gold closed at 4,088.28 dollars an ounce, up 0.69 percent, after touching 4,136 dollars during the session. Brent crude went the other way from stocks, jumping about 4 percent to near 98.60 dollars a barrel.
What to watch: whether the Nasdaq 100 holds after losing its 200-day average on Thursday, and whether Friday brings buyers or a second wave of selling. For Turkish investors the question is simpler: BIST follows the global mood when the mood is this bad, and the lira's calm so far is the one thing holding.
Information only, not financial advice.
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