MoneyWatch By Aimee Picchi Edited By Alain Sherter Updated on: August 5, 2024 / 5:33 PM EDT / CBS News Financial analyst on stock market turmoil and what it means for your 401K A swift and sudden downdraft in global stocks is raising concern among ordinary investors about the impact on their portfolios and 401(k) plans.The S&P 500 slid 160 points, or 3%, to 5,186 on Monday, the index's biggest one-day drop in nearly two years, according to FactSet. The tech-heavy Nasdaq Composite sank 3.4% as investors fled some of the tech giants that until recently had powered the U.S. market higher, with Apple shedding 4.8% and Nvidia falling 6.4%.Notably, the slump follows what had been a bullish year, with the stock market reaching record highs that bolstered the retirement accounts of millions of U.S. workers. The whiplash may have some 401(k) savers questioning what's behind the reversal, especially after the U.S. economy had appeared to be on solid footing, with steady growth and cooling inflat...
