US DJIA Erases Early Gains, Drops 500 Points; Nasdaq Falls 1.9%; Spot Gold Sees 4% Decline

US Stock Market Decline: The US stock market experienced a significant drop, with the DJIA falling 500 points (1%), the Nasdaq down 425 points (1.8%), and the S&P 500 decreasing by 78 points (1.1%) due to a sell-off in tech stocks and precious metals.

Tech Stocks Performance: Major tech companies faced heavy selling pressure, with Apple, Meta, and Amazon each dropping nearly 3%, while Microsoft and NVIDIA saw declines of about 1%.

Jobless Claims Update: Continuing jobless claims in the US for January 31 rose to 1,862K, surpassing the previous figure of 1,841K and exceeding the forecast of 1,850K.

Gold Price Fluctuation: The spot gold price experienced a sharp decline, initially dropping by 4% to USD4,878 before recovering slightly to USD4,939, marking a 2.9% decrease.