Well, that's the analysis from any toxic political hack.
Back to reality now, here's a brief synopsis from CNBC:
"U.S. stocks fell sharply on Monday as part of a global market sell-off centered around U.S. recession fears. Japan’s Nikkei 225
 plunged 12% in its worst day since the 1987 Black Monday crash for Wall Street.

The Dow Jones Industrial Average
 dropped 967 points, or 2.5%. The Nasdaq Composite
 lost 2.6%, and the S&P 500
 slid 2.5%. The blue-chip Dow earlier fell as much as 1200 points.

Fears of a U.S. recession were the main culprit for the global market meltdown after Friday’s disappointing July jobs report. Investors are also concerned that the Federal Reserve is behind in cutting interest rates to bolster an economic slowdown, with the central bank choosing instead to keep rates at the highest in two decades last week."

My analysis is the markets will recover even before the Fed cuts rates next month and will especially rebound if the Fed's comments indicate a strong likelihood of a couple more cuts before the end of the year. Also, it is quite common for Fed figures to be adjusted the following month. And if the ones for job growth are adjusted upward, that will also boost the markets. The markets are like a 15-year-old girl: they over-react to everything. Like Fester.