Daily summary: VIX rallies 26% as US stock market correction deepens

• Stock market in Asia, Europe and US declined today as investors fear weaker than expected NFP report data. German DAX lost 2.3% today, and British FTSE declined by 1.3%
• Wall Street indices retreat today, with Russell 2000 dropping 3.8% and Nasdaq 100 extended yesterday declines by almost 2.8% today.  
• Also, DJIA and S&P 500 loses today 2.13% and 2.56% respectively. Amazon shares lose 10% after weaker than expected earnings report and Intel slumps 27% after weak Q2 report; company plans 15000 job cuts
• Nvidia loses 4% after media reports pointing to US Department of Justice probe, targeting company AI chips business. Apple shares gains almost 3% today, after stronger than expected results and business guidance
• After much weaker than expected NFP report data and US stock market declines, VIX futures rallied 26% today session to levels not seen since March 2023 

US Non-Farm Payrolls in July came in 114k vs 175k exp. and 206k previously (the weakest since 2021)

• US Unemployment rise to 4.3% vs 4.1% exp. and 4.1% previously
• US average earnings YoY came in 3.6% vs 3.7% exp. and 3.9% previously (and 0.2% MoM vs 0.3% exp.)
• Private payrolls: 97k vs 140k exp. and 136k previously
• Manufacturing payrolls: 1k vs -5k exp. and -8k previously

• Amazon shares lose 10% after weaker than expected earnings report and Intel slumps 27% after weak Q2 report; company plans 15000 job cuts
• Nvidia loses 4% after media reports pointing to US Department of Justice probe, targeting company AI chips business. Also, Snap shares are dropping almost 25% today after disappointing Q2 earnings report
• JPMorgan forecasts half-point Fed rate cuts in both September and November. Also, Citi forecasts 125 bps in Fed cuts this year after jobs data, 50 bps each in September & December, while Goldman Sachs adds a third quarter-point Fed cut to their 2024 forecast
• OIL futures loses almost 4%, below $77 per barrel amid macro fears and erasing Middle East premium; OIL WTI loses 5%. NATGAS loses more than 2.2% 
• Precious metals such as silver and gold loses 0.7% despite rising macro fears. Also, palladium prices are 2% lower.
• USDIDX loses more than 1% today, and EURUSD rises 1.1% level, above 1.09 
• Austen Goolsbee, chair of Chicago Federal Reserve, commented that US unemployment rising to 4.3% need some reaction from Federal Reserve
• Bitcoin loses 2.3% today, with Ethereum and Solana prices dropping 4.5% and 6.5% respectively. Crypto also failed to rally despite rising Fed futures interest rates cuts bets