Wall Street Tumult: Economic Fears Spark Market Selloff

Economic concerns are shaking Wall Street as fears mount that prolonged high interest rates are hampering U.S. growth. Recent data points to a slowdown in job growth and a rise in unemployment, catalyzing market selloffs. Investors are now worried about a potential recession as elevated borrowing costs take their toll.

Wall Street is in turmoil as mounting economic concerns feed investor anxiety over high interest rates prolonged by the Federal Reserve. This week's alarming economic data has only deepened these fears.

July's unexpected slowdown in job growth and a rising unemployment rate have exacerbated the selloff in stocks. Bolstered by weak labor and manufacturing data, investors dumped a range of stocks from tech to industrial, while seeking refuge in defensive plays.

The pouring of funds into safe-haven bonds and the uptick in the Cboe Volatility index signify widespread unease. Sectors like healthcare and utilities, viewed as stable during uncertainty, are drawing investor interest, counterbalancing slumping performance in high-flying tech stocks.

(With inputs from agencies.)