Markets give off ‘Black Monday’ vibes as stocks tank

Article Synopsis
Global markets began the week with significant sell-offs, driven by a combination of factors including weaker-than-expected U.S. job growth in July and rising Japanese interest rates, which have undermined profitable “carry trades.” The Tokyo Nikkei index dropped 12%, its largest one-day decline since the 1987 Black Monday crash.
The VIX index, known as Wall Street’s “fear index,” spiked by 170%, indicating severe market distress. Major U.S. indices, the S&P 500 and Nasdaq, also saw sharp declines. The Japanese yen and Swiss franc, traditionally safe-haven currencies, have strengthened, while gold and silver experienced modest drops amidst the market turmoil.