There was a warning of big problems on Friday, as we reported. The stock markets were taking a big hit in the wake of a bad jobs report and fears of recession. Even CNN had to admit how weak the latest jobs report was. But the response of the Harris team was to blame former President Donald Trump, who hasn't been in office in three-plus years.
Economist John Lonski: "I'm beginning to smell a recession coming into view... this jump by the unemployment rate, my goodness, 4.3 percent this is up sharply from not long ago." pic.twitter.com/ORGmAXpbrV
— MAGA War Room (@MAGAIncWarRoom) August 2, 2024
Bidenomics in Action: Stock Market Tanking, Hiring Slowing Down
But now, come Monday, it's not looking good as markets were concerned also about the failure to cut interest rates. The sell-off is likely to intensify.
U.S. stock futures tumbled 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.
Here’s where U.S. stock market futures stand at the moment:
- S&P 500 futures are down 3% after the benchmark lost 1.8% on Friday.
- Nasdaq-100 futures lost 4.5% as big tech stocks got hit hard in early trading.
- Dow Jones Industrial Average futures dropped 783 points, or 2%, following a 611-point loss on Friday.
As Matt Vespa at our sister site, Townhall, reported, the Nikkei suspended trading after dropping nearly 40,00 points, and South Korea temporarily halted sell orders. It wasn't looking good in other parts of Asia either.
South Korea’s Kospi plummeted more than 9% as Samsung’s shares sank 10.3%. It closed 8.8% lower at 2,441.55.
Taiwan’s Taiex also crumbled, losing 8.4% as Taiwan Semiconductor Manufacturing Co., the world’s biggest chip maker, dropped 9.8%. [....]
Hong Kong’s Hang Seng index lost 2.2% to 16,579.97 and the S&P/ASX 200 in Australia declined 3.7% to 7,649.60
European markets also opened down and cryptocurrencies were also taking a hit.
Berkshire Hathaway has dumped more shares this quarter than any other quarter in its entire history.
— Jacob King (@JacobKinge) August 4, 2024
They know what’s coming. 🩸 pic.twitter.com/Y4CnWHitdr
Even the "inverse Cramer" indicators were bad. Whenever Jim Cramer predicts something, the opposite tends to be true.
Every single asset has started to explode since Jim tweeted this
— Inverse Cramer (Not Jim Cramer) (@CramerTracker) August 5, 2024
Legend pic.twitter.com/41OnZz3YRv
Meanwhile, we have the decrepit Joe Biden in office and on his continual vacation, while Kamala Harris is trying to blame things on Trump. It's one more example that they have no idea what they are doing.
No really... who's running the country right now? Because another long weekend continues while the world is falling apart and the stock market is about to crash. pic.twitter.com/bXndKec4vX
— Joe Concha (@JoeConchaTV) August 5, 2024
Unfortunately, they've shown they're incompetent in everything, including the economy.
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