Dow loses 1000 pts… Volatility of Volatility (VVIX) going nuts… Citi and JPM now expect the Fed to cut rates by 50 bps in Sept, 50 bps in Nov, 25 in Dec

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Stocks fell sharply on Friday with the S&P 500
headed for its worst session in roughly two years, as a much weaker-than-anticipated jobs report for July ignited worries that the economy could be falling into a recession.

The broad market index dropped 2.1%, on pace for its biggest one-day sell-off since 2022, while the Nasdaq Composite
lost 2.3%. The Dow Jones Industrial Average
fell 911 points, or 2.3%.

https://www.cnbc.com/2024/08/01/stock-market-today-live-updates.html

Over $2.9 TRILLION has been WIPED OUT from MAJOR INDICES AND STOCKS this morning

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