On Friday, the Stock Market Plunge Continued: Dax Ends Week with Weakest Performance in Two Years

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"The major US indices also recorded losses of up to 2.5 percent, and the EuroStoxx 50 also fell sharply. The VIX index, which measures the volatility of the US stock market and is considered Wall Street's fear gauge, rose to the highest level since October 2023.

The weak US labor market report fueled growing recession fears. Only 114,000 new jobs were created outside the agricultural sector in July, significantly fewer than expected by economists surveyed by Reuters. Additionally, the unemployment rate unexpectedly rose to 4.3 percent in July. Economists at Commerzbank stated that this suggests the US Federal Reserve will likely focus more on employment targets in the future. An interest rate cut in September now seems probable, with the only question remaining being its magnitude.

In the commodities market, oil prices came under pressure as demand concerns caused the prices for Brent and WTI to fall by up to 2.2 percent. The US dollar also lost value, with the Dollar Index dropping by 0.9 percent to 103.41 points.

Especially technology companies suffered from the bad news. The Intel stock dropped by more than 28 percent at times on Wall Street, as investors were unsettled by planned mass layoffs and dividend cuts. The price gains in the tech sector, particularly in the field of artificial intelligence (AI), had driven the US stock markets from record to record in recent months.

Amazon also disappointed investors with its outlook, leading to a nine percent drop in its stock price. The weakening online trade and high costs for expanding computing capacity for AI further dampened the mood.