1/ Global stock markets fell sharply as worries about the U.S. economy sparked a world-wide sell-off. Japan’s Nikkei plunged 12.4% for its worst day since the Black Monday crash of 1987, while the S&P 500 dropped 3% – its worst day in nearly two years – the Dow fell 2.6%, and the Nasdaq slid 3.4%. The declines – the worst three-day slide since June 2022 – extended a sell-off that started last week after a jobs report showed slower hiring and rising unemployment. In July, the U.S. added 114,000 jobs and the unemployment rate rose to 4.3%. Economists had expected the U.S. to add 175,000 jobs and keep the jobless rate steady at 4.1%. Last week, Fed officials held interest rates at a two-decade high, where they have remained for a year. Analysts now expect the Fed to cut rates at its next three meetings in September, November, and December, with some demanding an emergency cut now. (Bloomberg / CNBC / Wall Street Journal / CNN / Associated Press / Washington Post / New York Times / NPR / Axios)
This is a companion discussion topic for the original entry at https://whatthefuckjusthappenedtoday.com/2024/08/05/day-1294/