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What we're covering
• Wall Street took a beating Monday as all three major indexes plunged on fears the US economy is slowing faster than expected.
•Traders upped their bets for a September rate cut from the Federal Reserve, with some demanding an emergency cut outside of the Fed’s regular eight-week meeting cycle.
• Concern mounted that last week’s dismal jobs report was another sign that the central bank has failed to manage the US economy, and that a significant slowdown is ahead.
• Tech stocks led the selloff, crypto dropped, oil fell and Treasury yields plunged to some of their lowest levels this year.
• The global gutpunch for markets began when Japanese stocks suffered their biggest loss in 37 years, with the Nikkei 225 index plunging by more than 12%.
• Losses continued on US exchanges, with the Nasdaq Composite falling more than 6% at one point. The S&P plunged by 4.25%. The Dow also stumbled, dropping by more than 1,000 points on several occasions during the day’s trading.
American speculators watched too much Konbini Confessions and dropped the Japanese market