Wall Street braces for significant losses after Japan’s Nikkei index suffers its worst decline since 1987. On August 5, 2024, U.S. stocks are set to open sharply lower, with S&P 500 futures down 3.1% and Nasdaq futures down 4.7%. Major tech companies like Apple and Meta fall significantly in premarket trading. The Dow Jones Industrial Average futures drop 2.1%. Recent reports show U.S. hiring slowed more than expected, amplifying recession fears linked to high interest rates. Japan's Nikkei index plunges over 12% as the Bank of Japan raises its benchmark interest rate, leading to a sharp decline in the yen. Global markets follow suit, with significant drops in South Korea, Taiwan, and European markets. The VIX index, measuring investor anxiety, rises 105% early Monday. Bitcoin and oil prices also experience declines. Upcoming data from the U.S. services sector may indicate if global sell-offs are an overreaction, though caution remains high despite continued U.S. economic growth.
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