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
JUST IN: Over $2.9 trillion has been wiped out from major indices and stocks this morning due to growing fears of a global recession.
This is the worst day for stocks since March 16, 2020, during the COVID-19 pandemic fears. pic.twitter.com/qIPu7xiz5X
— Jacob King (@JacobKinge) August 2, 2024
🔴🔵🟡 U.S. STOCK MARKET IS COLLAPSING LIKE OLYMPICS IN THE FRANCE 🇺🇲🇫🇷
Over $2.9 trillion have wiped out this morning due to growing fears of a global recession 🥶 pic.twitter.com/mz1Ppt6DkZ
— SVS NEWS AGENCY (@svsnewsagency) August 2, 2024
BREAKING – Wall Street losses deepen as Nasdaq drops 3% https://t.co/GLa7E5nQMj pic.twitter.com/zkyS9WWVuA
— Insider Paper (@TheInsiderPaper) August 2, 2024
Good morning.
Today's Unemployment Rate reading of 4.3% officially triggered the Sahm Rule, suggesting that we have already entered a recession.
Have a great day. pic.twitter.com/goR4canVDV
— James Lavish (@jameslavish) August 2, 2024
🚨🇺🇸U.S UNEMPLOYMENT RATE SHOCK RISE
In the latest figures released, the unemployment rate unexpectedly rose to 4.3% when it had been predicted to be 4.1%.
There were significantly fewer jobs added across all industries as businesses fear a potential looming recession.
Source:… pic.twitter.com/kMR0e14NjU
— Mario Nawfal (@MarioNawfal) August 2, 2024
🚨 BREAKING — Economist John Lonski sounds the alarm on the current state of the economy:
“I'm beginning to smell a recession coming into view. This jump by the unemployment rate, my goodness, 4.3 percent this is up sharply from not long ago."pic.twitter.com/XGc1NvzEu2
— Proud Elephant 🇺🇸🦅 (@ProudElephant) August 2, 2024
$VIX up 30%. About time that we got a VIX spike. In this recent market cycle, we were trading at the 2nd longest period since 1990 without a 150%+ rise in the $VIX.
This means volatility is elevated and ATRs are widening.$VIX is 24.42. For those that don’t know if you divide… pic.twitter.com/6rUO4eI1VB
— Ted Zhang (@TedHZhang) August 2, 2024
Citi and JPM now expect the Fed to cut rates by 50 bps in Sept, 50 bps in Nov, 25 in Dec.
(Will update this table later today as many of these are now likely getting redrafted.) https://t.co/nuPs9Lp1Kp
— Nick Timiraos (@NickTimiraos) August 2, 2024
Citibank: "critical errors in its internal liquidity reporting" https://t.co/8YF6jnaTQx pic.twitter.com/MYCbX1zm1B
— Roland Baker (@RolandBakerIII) August 2, 2024
Call your financial advisor. pic.twitter.com/YItOdDZPV9
— Genevieve Roch-Decter, CFA (@GRDecter) August 2, 2024
#volatility of #VIX 📈 😬https://t.co/aSZXanM8wr
— Invariant Perspective (@InvariantPersp1) August 2, 2024
The roadmap of $TLT is falling into place. We are at starting the Unemployment Claims ticking up but NOT at Panic.
How many more layoffs will we see BEFORE the Fed even gets started (remember 18 month lag in monetary policy)
Panic is coming ( $VIX > 40).$SPY $QQQ #recession pic.twitter.com/scFH4KsYxb
— Fibonacci Investing⚡️ (@FibonacciInves1) August 2, 2024