Global and U.S. stock markets experienced significant declines as weak U.S. jobs data heightened concerns about a potential recession. The U.S. economy added 142,000 jobs in August, below expectations of 165,000, while the unemployment rate slightly decreased to 4.2%. Investors are anxious about the Federal Reserve's upcoming interest rate decision, with futures suggesting a 57% chance of a 25-basis point cut and a 43% chance of a 50-basis point cut. Major tech stocks like Nvidia, Intel, and Alphabet saw substantial drops, contributing to broader market losses. Historical trends indicate September is typically a weak month for equities, adding to the current market volatility. Analysts suggest that the Federal Reserve's response to the labor market data will be crucial in shaping market sentiment going forward.