Wall Street's fear gauge, the Cboe Volatility Index (VIX), spiked to its highest level since March 2020, jumping as much as 172% to 62.27 amid a global stock market meltdown prompted by a dismal U.S. jobs report. The Labor Department indicated only 114,000 jobs were added in July, with unemployment rising to 4.3%, raising recession fears and triggering the Sahm Rule signal. As U.S. stock futures fell significantly, global markets followed suit, with Japan's Nikkei 225 experiencing its worst day since the 1987 Black Monday crash. The volatility, seen as a liquidity crisis, marked a stark departure from a long period of market calm, causing widespread panic among investors. Concurrently, India's stock market also faced turmoil, with the India VIX surging to a nine-year high as global economic concerns weighed down local indices. The situation has led to speculations about potential interest rate cuts by global central banks, including the Federal Reserve, to counteract economic downturns.