Global financial markets experienced a significant selloff as investors grappled with mounting concerns about the U.S. economy and other potential risks. The downturn affected stock markets worldwide, with U.S. futures, particularly the Nasdaq, showing substantial declines. Asian markets were hit hard enough to trigger circuit breakers, while European markets also saw losses, albeit less severe. The heightened uncertainty led to increased bets on central bank rate cuts and caused the Cboe Volatility Index, known as Wall Street’s “fear gauge,” to surge to levels not seen since the early days of the pandemic.