Stock Market Today: Indexes Tank After Weak Jobs Report Sparks Panic
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US stocks plunged on Friday after a weak July jobs report sparked panic among investors; The Nasdaq closed in correction territory, and the VIX soared as much as 60% to hit its highest since March 2023; The tech-heavy Nasdaq Composite officially entered correction territory, closing more than 10% below its July 10 peak; The CBOE Volatility Index, better known as the VIX, soared as much as 60% to 29.66, its highest level since March 2023; Bond yields plunged, with the 10-year US Treasury yield falling 18 basis points to 3.79%, its lowest level all year; Odds of a 50-basis point interest rate cut at the Federal Reserve’s September FOMC meeting soared to 72% on Friday; Equity futures started Friday morning lower after disappointing earnings reports from Amazon and Intel; The July jobs report showed an unexpected increase in the unemployment rate and payroll figures badly missed estimates; Odds of a 50-basis point interest rate cut at the Federal Reserve’s September FOMC meeting soared to 72% on Friday; The consensus expectation on Wall Street has shifted from a 25-basis-point reduction in September to a 50-point cut; There is increased pressure for the Fed to accelerate its pace through year-end and beyond; Other signs of panic among investors include sentiment indicators like CNN’s Fear & Greed Index, which entered “Fear” mode this week after it fell 18 points to 27.

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