nASDAQ collapses over 2%, on weaker ISM PMI readings from Chinese and U.S. economic gauges. Crude sells off, but holds below $77 on any retaliatory strike by Iran on Israel.

Technically the U.S. could already be in a recession, after Four straight misses of its ISM PMI (Purchasing Managers Index) below 50, which shows an economic contraction in the world's largest economy.  The July ISM came in at 46.80 vs expectations of 48.80, falling from 48.50 in June 2024.  China is the big concern though, and probably already in a recession, with its Caixin/S&P Global manufacturing PMI dropping to 49.80 for July, falling below the 50 mark (in similarity to the U.S. PMI reading), indicating contraction. Missing 'analysts' forecasts of 51.50.

The other concern is the possibility of an oil shock with rapidly slowing global economy, please refer to the chart above of the NASDAQ futures -2.44% fall and the West Texas Intermediate (WTI) in the below pane, and note the 3wk average of $79 per barrel, which does not indicate a slowing economy, but tightening supply ala geopolitical issues, namely the Middle East.

AI stocks and Crypto, as you can see from the NASDAQ sell off are not, obviously, safe haven plays when this goes belly up.