Markets got whipsawed by tariff drama and disappointing job numbers. Yet amid the chaos, crypto and commodities quietly caught a bid. These aren’t moments of crisis, they’re windows.

Markets entered correction mode as the U.S. rolled out sweeping new tariffs affecting dozens of countries. At the same time, July jobs rose by only ~73,000, with prior months revised sharply lower. The S&P dipped ~1.6% and the Nasdaq fell ~2.2%, making Friday the worst session since April. The political fallout deepened with the firing of the BLS Commissioner and Fed Governor’s resignation, fueling doubts about data integrity and central bank independence.

Despite Friday’s heavy losses, futures picked up steam overnight. Both the Nasdaq and S&P opened up ~0.4–0.7%, buoyed by corporate earnings strength from names like Palantir and American Eagle. The bounce suggests investors expect Fed rate cuts in September.

The dollar steadied after last week’s slide, recovering against major majors. Meanwhile, Bitcoin has held above $114K. Although volatility remains elevated, digital asset volumes ticked higher today as investors reposition under renewed-rate-cut speculation.

Today confirms the old rule: politics and policy still move markets more than narratives. Macro uncertainty loomed large, but if volatility continues, look to the dip, not the drama, for reward.