Markets around the world, including in the United States, fell sharply on Monday as investors began to openly express concern about a possible U.S. economic recession.
Like Friday, global markets fell sharply on Monday. The Dow Jones Industrial Average opened down more than 1,000 points and was trading down about -2.6% overall as of mid-morning. Nasdaq It is down more than 560 points, or 3.36%.
“Four years ago today, Trump claimed the stock market would ‘crash’ if Joe Biden were elected.”
Asian markets, many of which lead their U.S. counterparts by around 12 hours, suffered even bigger losses on Monday. Japan’s Nikkei stock average fell. 12.4% Stocks fell more than 4,450 points, the largest one-day drop in history (the second largest since “Black Monday” in 1987).
“It was a big crash. It had a smell of 1987,” said Neil Newman, head of strategy at Astris Advisory in Tokyo. CNN.
Taiwan’s Taiex also fell 8.4% on Monday, while South Korea’s KOSPI also fell 8.8%.
These devastating figures have intensified debate about a looming recession in the United States. The Daily Beast I acknowledged the possibility.
“The sudden spike in volatility is a sight that highlights just how unstable markets have become, to say the least,” said Stephen Innes of SPI Asset Management. ABC News“The real question now emerges: Can the typical market reaction of selling volatile stocks or buying stocks on the dip overcome the deep-seated anxiety caused by this sudden and sharp economic downturn fear?”
The Federal Reserve will almost certainly cut interest rates next month to stabilize volatile markets.
For now, economists are blaming the turmoil in global markets on the dismal jobs report released by the U.S. Department of Labor on Friday. These so-called experts: report Biden and Harris With love, “Biden Economics“Although 175,000 jobs were created last month, the actual number was only 114,000, and the unemployment rate jumped to 4.3%, the highest level since October 2021 and almost a full percentage point higher than at the start of the year.
As recently as May, an account touting Vice President Kamala Harris’ performance celebrated soaring stock prices and criticized former President Donald Trump’s skepticism about the Biden-Harris administration’s ability to tackle economic problems.
“Four years ago today, Trump claimed the stock market would ‘crash’ if Joe Biden were elected (the stock market reached an all-time high under Biden’s presidency).” Kamala Headquarters He tweeted on May 24th.
President Trump has doubts about whether Biden and Harris are up to the task, calling Monday’s market sell-off a “Kamala crash.”
“Of course the market is down big time. Kamala is even worse than Crooked Joe. The markets will never accept a Radical Left Wing Lunatic who destroyed San Francisco and all of California. Next move: Great Depression in 2024! You can’t game the markets. Kamala collapses!” Trump wrote. The truth of society.
Meanwhile, Harris campaign spokesman James Singer blasted Trump for the dismal jobs report. “As President, Donald Trump has failed the American people, stripping millions of jobs from our economy and bringing it to the brink of a recession,” Singer said.
“We have made great progress, but Vice President Harris recognizes there is more work to be done to ease the burden on families.”
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