Chanticleer

Why a whiff of panic is suddenly spreading across markets

Nvidia’s plunge is part of a much bigger force shaking global markets, and putting the narrative of US exceptionalism at risk.

Feb 28, 2025 – 11.51am

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The S&P 500, the most important equity market in the world and the proxy for all risk assets, is down 4.6 per cent from the record high it set on Wednesday night as part of a three-year bull market that has seen the index climb more than 61 per cent.

So why on earth is a distinct whiff of panic starting to set in across markets?

James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine.