Market swings
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Fresh concerns of a slowing economy, fresh worries of an AI bubble, and a key jobs report looming at the end of the week have sent markets on a wild wide after the holiday weekend.
Catch up fast: Nvidia was the headliner yesterday (surprise, surprise), falling over 9% in what was the biggest one-day loss of market value ($279 billion) of any single stock on record.
- That was enough to drag down major indexes, including a 2% drop for the S&P 500 and a steeper 3.5% plunge for the tech-heavy Nasdaq Composite.
- Throw in some weaker-than-expected manufacturing data, and investors saw crooked red numbers across a number of stocks from tech to energy to industrials.
The latest: That was yesterday. Stocks largely stopped the bleeding today, as fresh job turnover data pointed to a labor market that continues to cool — and a green light for a Fed rate cut later this month.
Today, the bond market took center stage.
- Treasury yields fell, as investors increased their bets on how large the Fed might cut interest rates in 14 days.
- Yields on two-year notes led declines, falling by 10 basis points while 10-year notes fell over 7 points to 3.76%.
What's next: The August jobs report Friday will be the last piece of economic data before the Fed's rate decision.
