August 5, 2024 was a trying day for investors worldwide, as stock markets from Japan to the U.S. were whipsawed without much warning, leaving analysts and economists scrambling to provide answers. A weak jobs report that triggered a key recession indicator, and the unwinding of some popular and influential trades amid changing central bank policies, were blamed for the fiasco.
As investors watched stocks plummet, the panic on Wall Street even led to calls for emergency rate cuts from veteran economists.
