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>> The Stock Market fallout from the once unthinkable. Brittain leaving the European Union is far and wide. Engulfing markets around the world for a second trading day.>> I'm Reuter's reporter Conway Givens outside of the NASDAQ market site. The Dow has lost almost 900 points in just two days.
Financials have really led the way lower. But they are not alone. The tech heavy NASDAQ has shed more than 6%, and that is worse than the broader market. Tech stocks are particularly vulnerable to the threat of a slowing global economy. And investors are fearful all the uncertainty will cause business deals to go cold as companies horde cash instead of making technology purchases.
Slower sales will hardly justify the lofty stock prices of that group. High flying cloud companies like Like work day, bearing the brunt of those fears, sinking more than 13% since Friday. In dollar terms, the pain is deep for IBM. Its two-day loss tallies up to about $12 billion.
But, it's the banks, with their global operations, and dreams of higher interest rates gone bust, that led the Dow and the S&P 500 to their worst two days in almost a year. JP Morgan Chase tumbling the likes not seen since the nation's largest bank revealed a multibillion dollar trading loss back in the spring of 2012.
Hopes for any market turnaround quickly dashed after Standard and Poor's joined other ratings agencies in slashing Britain's highly coveted AAA credit rating. A reminder that the ramifications of last week's vote have only just begun.