Former President Trump seemed pleased with the sudden drop in global stock markets on Sunday night, suggesting his Democratic rivals were to blame.
“The Stock Market Crash. I TOLD YOU SO!!! Kamala has no idea. Biden is fast asleep. All caused by incompetent leadership in the United States!,” Trump wrote on his Truth social platform late on Sunday night.
U.S. stocks fell sharply on Friday after a weaker-than-expected jobs report raised fears the economy would slow more quickly than analysts had expected. By Monday, selling pressure intensified, with S&P 500 stock futures falling more than 2% and the Nasdaq dropping more than 4%.
Global Markets rejectionThe declines were particularly notable in Asia and Europe: in Japan, the Nikkei Stock Average fell 12.4% and the TOPIX fell 12.2%.
Stock markets have generally risen on the back of positive economic data since the start of 2023 as employment levels continue to beat expectations despite the Federal Reserve’s interest rate hikes aimed at slowing the economy.
Trump, who has been heavily involved with the stock market during his presidency, has frequently claimed responsibility for the stock market record set under Biden’s presidency.
Earlier this year, Trump said the markets were doing well “because people think I’m going to win,” and that investor sentiment was soaring because his polling results against Biden were “very good.”
The Biden campaign responded by mocking Trump’s comments, saying he was “desperately trying to claim credit for the stock market reaching all-time highs under President Biden.”
The Hill reached out to the Harris campaign for a response to Trump’s recent comments.
