Wall Street took a beating on Friday as weak jobs data sparked recession fears. The Nasdaq dropped 2.4% into correction territory, S&P 500 fell 1.8%, and Dow slid 1.5%.

The employment report was the real culprit: July nonfarm payrolls came in at just 114k vs. expected 180k, unemployment hit 4.3% (highest since Oct 2021), and wage growth disappointed at 3.6% YoY vs. forecast 3.7%. This is the slowest pace since May 2021.

The VIX spiked 25.8% to 23.39, and 297 Nasdaq stocks hit new 52-week lows. Here's the kicker though—Fed Chair Powell already hinted rate cuts could start as soon as September, with CME data showing ~78% probability of a 0.5% cut at the next meeting.

On earnings, Chart Industries (GTLS) missed hard—posted $2.18 EPS vs. $2.57 expected, stock tanked 18.1%. Meanwhile, Cinemark (CNK) beat expectations with $0.32 EPS vs. $0.07 consensus, stock popped 7.6%.