Selloff rocks the globe as markets start the week in panic mode

Thought last week was bad? Think again. There's some serious carnage out there, and the fallout is quickly spreading across the globe. Investors can really use some soothing words from central bankers right now, especially from a Fed that's being seen as falling behind the curve (remember how things went for markets in 2022?). A disappointing jobs report on Friday indicated that Powell and Co. should have likely cut rates at their July gathering last week, and sentiment has quickly shifted from a soft to a hard landing- or even an emergency landing. Flashing red: Monday's bloodbath started in Japan, where the Nikkei 225 Index ( NKY:IND ) plunged 13.2% for its worst session since the 2011 Fukushima nuclear meltdown. Adding to the concerns were the BOJ's steps toward policy normalization, and it has translated into Japan's world-beating rally this year being wiped out over the last several sessions. Circuit breakers were also activated for South Korea's Kospi ( KOSPI ) after the index rapidly dropped 8% , while Australia's ASX 200 ( AS51 ) slid nearly 4% for its worst session since June 2022. Major market indices like the FTSE 100 ( UKX ), CAC 40 ( CAC:IND ) and DAX ( DAX:IND ) also tumbled in Europe, and over in the U.S., traders are also set to open the week by pressing the panic button. S&P 500 ( SP500 ) futures are off by 3% at the time of writing, while contracts linked to the Nasdaq 100 ( NDX ) are down by a whopping 5.7% . The index already fell into correction territory last week following an overheated AI rally, and news that Berkshire's Warren Buffett sold off half of his massive stake in Apple has not helped the situation for tech stocks. Safe havens like gold ( XAUUSD:CUR ) and bitcoin ( BTC-USD ) are also failing to catch a bid as the sell-everything mentality takes hold and no one appears willing to catch a falling knife just yet. That's not all: Rising geopolitical tensions aren't making the investing landscape any better, with President Biden meeting with his national security team in the situation room ahead of an anticipated Iranian attack against Israel. It could also include a coordinated front with Hezbollah in Lebanon and/or the Houthis in Yemen, in a serious escalation that could begin as early as Monday. Fears of a regional conflict have prompted the U.S. to deploy additional military might in the Middle East, including Navy cruisers and destroyers, as well as a new squadron of fighter aircraft. More on markets Is It Time To Turn Intermediate Term Bearish On Stocks? Fed Needs To Cut Rates Immediately S&P 500: Quantifying The Prospects For A Lost Decade TLT: This Changes Everything Don't Let The Fed Fool You