Flaring economic worries threaten US stocks rally
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Economic fears are roiling Wall Street as concerns grow over the Federal Reserve's interest rates; US job growth slowed in July, heightening fears of a recession; Tech stocks have tumbled, with the Nasdaq Composite down over 10% from its July high; Investors are worried that elevated borrowing costs may be hurting economic growth; Earnings reports from companies like Caterpillar and Walt Disney will provide more insight into the health of consumers and manufacturing; Futures markets suggest growing unease about the economy, with a 70% chance of a 50-basis-point rate cut in September; The Cboe Volatility index hit its highest level since March 2023; Investors are flocking to safe-haven bonds and defensive sectors like healthcare and utilities; Some investors believe the data is just a reason to lock in profits after a strong market rally.

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