It's normal for the market to panic at a sudden downward revision of the non-farm payrolls by decimal points, especially since both the US stock market and cryptocurrencies like Bitcoin and Ethereum had risen too much recently, creating a demand for price corrections. The abnormal non-farm data merely provided the market with an excuse to collectively vent emotions.

However, from the response of the significant drop in US Treasury yields, it appears that this is currently just an emotional panic, with some signs of recession trading emerging. But the underlying logic for trading on recession is not very solid right now. After the passage of the Inflation Reduction Act and the subsequent imposition of tariffs, the fundamentals of the US economy are, in any case, better than they were in April. Even if re-industrialization ultimately fails to materialize, from the perspective of short-term comparative analysis, the fundamentals in August are better than in April, and if there is no recession in April, there certainly won't be one in August.