The markets are aflame right now. We all saw the futures market before the opening bell, and it was brutal. Our less-than-stellar jobs report last Friday, which has triggered fears of a US recession, has arguably nuked the Asian markets. Nikkei suffered its worst day since 1987, sinking 12 percent, whereas Taiwan endured a market loss not seen since 1967. South Korea’s stock exchange suspended sell-offs. We all knew the opening bell would be a frenzy of chaos. Currently, over $1 trillion has been wiped off the books. It’s an absolute bloodbath (via NY Post):
Wall Street’s main indexes nosedived on Monday, as fears of the United States tipping into recession following weak economic data last week rippled through global markets.
The blue-chip Dow Jones Industrial Index plunged more than 1,100 points after the opening bell, while the tech-heavy Nasdaq Composite fell nearly 5% after entering correction territory last week.
The declines followed broad sell-offs overseas, with the Tokyo-based Nikkei index suffering its worst single-day retreat since the infamous “Black Monday” crash of 1987 — closing 12.4% lower — while European stocks fell to near six-month lows.
The pan-European STOXX 600 index was down 2.6% at 487.15 points, its lowest since Feb. 13.
POV: The emergency meeting right now for every trading group at every major US investment bank. pic.twitter.com/roIiDST66O
— Trung Phan (@TrungTPhan) August 5, 2024
As the market crashed, the Trump campaign was on the money, finding an old tweet from the Biden-Harris operation mocking Donald Trump for suggesting there would be a massive crash under their administration, and he was right.
Checking in, @KamalaHQ https://t.co/DjxBMnmwRy
— RNC Research (@RNCResearch) August 5, 2024
Biden even claimed he “cured” the economy, while Harris has touted this presidency’s list of supposed accomplishments. This is not the best news when Harris is due to pick her running mate within the next 24-36 hours.
JOE BIDEN LAST WEEK: “I cured the economy.”
— Steve Guest (@SteveGuest) August 5, 2024
🤡pic.twitter.com/oBAajoVSuO
DOW FUTURES PLUNGE 1,300 POINTS, NASDAQ FUTURES DOWN 5.6%
— NewsWire (@NewsWire_US) August 5, 2024
🚨#BREAKING: Multiple brokerages, including Charles Schwab, Fidelity, Vanguard, TD Ameritrade, E-Trade, UPS, CenturyLink, and Interactive Brokers, are currently down and reporting errors amid market crashes. pic.twitter.com/H2htHnXynT
— R A W S A L E R T S (@rawsalerts) August 5, 2024
FLASHBACK: Kamala Harris in January: "We have historic accomplishments in terms of the economy."
— Steve Guest (@SteveGuest) August 5, 2024
Yikes…
pic.twitter.com/weHFpPwFG7
'MAGNIFICENT 7' STOCKS DOWN MORE THAN $1 TRILLION IN PREMARKET
— NewsWire (@NewsWire_US) August 5, 2024
Nvidia down $325 billion
Apple down $300 billion
Google down $200 billion
Amazon down $135 billion
Microsoft down $125 billion
Meta down $80 billion
Tesla down $60 billion
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