MSCI’s global stock gauge dropped 0.8%, European shares fell 2%, the VIX stock market volatility measure, dubbed Wall Street’s fear gauge, hit its highest since April and money poured into government bonds
Global stocks dropped sharply on Friday with richly-valued tech firms taking much of the pain, as a U.S. jobs report flagging unexpected economic weakness struck fear in markets already rattled by downbeat earnings updates from Amazon and Intel.
Futures trading implied the U.S. S&P 500 share index would soon open 1.8% lower and the tech-heavy Nasdaq 100 would fall to at least 10% below its recent peak, the accepted definition of a stock market correction. He added, however, that “we will also be watching for a rise in the unemployment rate which will give us clues about a weaker labour market and as a potential recessionary signal.”
Steven Bell, chief economist for EMEA at asset manager Columbia Threadneedle, said that, while investors were trimming big tech positions to rebalance their portfolios, the U.S. economy was not about to contract.
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