It's Likely Going to Be a Rough Day on Wall Street

Wall Street is likely to be a bloodbath today. The first warning signs were on Friday, culminating on Sunday night when all hell broke loose in Asia. The Nikkei had its worst day since 1987, sinking nearly 4,000 points. It suspended trading after sinking nearly eight percent. South Korea’s stock exchange halted all sell orders as a looming wave of brutality is expected to hit Wall Street this morning. We’ll update this post accordingly, but a drubbing on the New York Stock Exchange shouldn’t surprise anyone. Also, don’t look at your 401ks (via CNBC):

U.S. stock futures fell Sunday night following a volatile week for Wall Street, in which the Nasdaq Composite dropped into correction territory.
Wall Street is coming off a brutal week for the major averages. On Friday, the Nasdaq capped a third straight week of losses, bringing the tech-heavy index down more than 10% from a record set last month.
The S&P 500 also posted a third straight losing week, down 2% for the week. Even the Dow Jones Industrial Average, which had been outperforming, snapped a four-week win streak, falling 2%.
Treasury yields tumbled as well. The benchmark 10-year note on Friday yielded 3.79%, down from where it was one week previously at 4.20%.
The recent pullback in stocks was exacerbated Friday when a disappointing jobs report spurred investor fears the Federal Reserve made a mistake last week when it kept interest rates unchanged, and that the economy is headed toward a recession.

BREAKING: Japan's Nikkei stock index down over 4,000 points, largest drop in its history
— BNO News (@BNONews) August 5, 2024

JUST IN: 🇯🇵 Japan's stock market suffers worst losses since 1987.
— Watcher.Guru (@WatcherGuru) August 5, 2024

BREAKING: The Nikkei 225 futures trade is suspended due to a circuit breaker, Japanese market down 8%, headed to one of worst three days in Japan market history
— unusual_whales (@unusual_whales) August 5, 2024

🚨🇰🇷BREAKING: SOUTH KOREA HALTS STOCK SELL ORDERS AMID MARKET VOLATILITY

In a dramatic move, South Korea has halted all sell orders on stocks for program trading as the sell-off in global equities intensifies.

The country's benchmark KOSPI index has tumbled 5% amid the market… pic.twitter.com/5B8MA5hlfS
— Mario Nawfal (@MarioNawfal) August 5, 2024

Japan’s benchmark Nikkei 225 stock index plunged as much as 8.1% early Monday, extending sell-offs that shook world markets last week as worries flared over the state of the U.S. economy.
At one point, the Nikkei shed more than 2,900 points, to 32,991.88. The market’s broader TOPIX index also fell 8% as selling picked up in the afternoon.
A report showing hiring by U.S. employers slowed last month by much more than expected has convulsed financial markets, vanquishing the euphoria that had taken the Nikkei to all-times highs of over 42,000 in recent weeks.
The Nikkei 225 dropped 5.8% on Friday and it is headed for its worst two-day decline ever. Its worst single-day rout was a plunge of 3,836 points, or 14.9%, on a day dubbed “Black Monday” in October 1987. Share prices have fallen in Tokyo since the Bank of Japan raised its benchmark interest rate on Wednesday. The Nikkei is now at about the level it was a year ago.

It will be fun watching Kamala Harris trying to explain all of this if she’s asked. She’s been hiding from the media since she was given the nomination despite no Democratic voter ever voting for her in a primary.

Black Monday -
Markets crashing. WW3 on horizon. Riots.

Stay calm pic.twitter.com/sFA06ycMK7
— #𝕎𝕒𝕣 ℍ𝕠𝕣𝕚𝕫𝕠𝕟 (@WarHorizon) August 5, 2024

How Trump responded to the economic news:

STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!

Donald Trump Truth Social 11:07 PM EST 08/04/24 @realDonaldTrump
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) August 5, 2024

UPDATE: Yikes.

Japan's Nikkei index now down over 12% pic.twitter.com/O6JRRuLpKy
— Steve Lookner (@lookner) August 5, 2024

⚠️BREAKING:

*SOUTH KOREA'S KOSPI INDEX TUMBLES 7.5% IN WORST SELLOFF SINCE MARCH 2020

🇰🇷🇰🇷 pic.twitter.com/MEHgSc9JUb
— Investing.com (@Investingcom) August 5, 2024

UPDATE: Taiwain has suffered the worst stock market losses since 1967.

JUST IN: 🇹🇼 Taiwan's stock market suffers worst losses since 1967.
— Watcher.Guru (@WatcherGuru) August 5, 2024

JUST IN - Volatility Index (VIX) rises above 50 for the first time since the market turbulence in April 2020. pic.twitter.com/lOVDxWMjBm
— Disclose.tv (@disclosetv) August 5, 2024