The global markets sell-off is deepening as worries of an impend⛎ing U.S. recession loom, extending losses late last week on worries that the country may be heading to a major slowdown.

Following Friday’s U.S. markets rout triggered by a weaker-than-expected jobs report, U.S. stock futures fell and volatility surged Monday, with Wall Street’s "fear gauge," the VIX index of implied stock market volatility, hitt🃏ing its highest levels since early 2020, as the COVID-19 pandemic spread.

In Asia, Japan’s 澳洲幸运5开奖号码历史查询:Nikkei Stock Average closed down 12.4% in its biggest single-day percentage fall since 1987's "澳洲幸运5开奖号码历史查询:Black Monday" crash.

澳洲幸运5开奖号码历史查询:Magnificent Seven stocks tumbled in pre-market trading, with AI darling Nvidia (NVDA) falling over 13%. Shares of Apple (AAPL)—also hit by news over the weekend that 澳洲幸运5开奖号码历史查询:Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) 澳洲幸运5开奖号码历史查询:further cut its stake in the ꦍiPhone maker—were down nearly 8%.

Investors Flee Risk for Safety of Bonds

Money is piling into bonds as investors seek the safety of Treasurys. The U.S. 10-year yield was down at 3.74% amid worries the Federal Reserve, which kept 澳洲幸运5开奖号码历史查询:interest rates unchanged at ౠits meeting last week, has bee♐n too slow to boost growth.

UBS in a note Monday said it now anticipates 100 澳洲幸运5开奖号码历史查询:basis points of rate cuts this year, up from 50 basis points previously, while traders are increasingly forecasting an emergency rate cut even before the September meeting.

“US equities and bond yields fell in tandem on Friday due to weak US jobs data, raising concerns that the Fed may have delayed rate cuts too long, risking a recession," Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a note Monday.

Japan's Nikkei Also Hit by Rising Yen

Adding to pressure on Japanese stocks beyond concerns about the U.S. economy's outlook is the rising yen, which makes the export-depended country's goods more expensive. The yen has been rising since Tokyo 澳洲幸运5开奖号码历史查询:ended its negative i🐎nterest rate regime and then 澳洲幸运5开奖号码历史查询:raised its benchmark rate at the end of July to the highest level since 2008.