CV NEWS FEED // The stock market saw drastic shifts on Monday, prompting observers to call the day the worst for the market since the COVID panic in 2020.
The stock market as measured by the S&P 500 Index suffered its biggest one-day loss yesterday since 2022.
Many onlookers stated that the market meltdown may confirm earlier fears that the country is entering a recession.
Others pointed out that the impending downturn will likely have drastic implications for the November presidential election between presumptive Democratic nominee Vice President Kamala Harris and Republican nominee former President Donald Trump.
“The Dow Jones Industrial Average opened with a loss of 1,100 points, dropping 2.8 percent after the opening bell,” The Hill reported. “Dow futures tumbled more than 1,200 points before the market opened.”
The Hill’s report noted that in addition to the Dow, the other two major stock indices fell: “Nasdaq composite fell 6.2 percent, and the S&P 500 index sank 4.2 percent after the market opened.”
“Global markets have been in recoil since Friday after the federal jobs report for July came in far weaker than expected,” The Hill added.
>> FRIDAY: JOBS REPORT PAINTS GRIM ECONOMIC PICTURE <<
An analyst during a Monday morning FOX Business broadcast called the unfolding market crash “history in the making.”
“We have never been down 1,000 points ever, not even intraday on the Nasdaq,” another analyst said.
According to reports, a “global selloff” of stocks had ensued over the weekend. Among investors selling an unprecedented number of stocks in large corporations was billionaire Warren Buffett.
The mass-divestiture in Apple stock by Buffett’s Berkshire Hathaway prompted some observers to note on Sunday that Buffett was “getting ready for a crash” a day before the news of the crash broke.
The New York Post reported: “Trump has for decades predicted economic depressions as a result of what he’s described as poor political leadership.”
Then-President Trump told an interviewer in 2020: “If Biden gets in, the market will crash.”
The year before, Trump wrote on X (then Twitter): “if anyone but me takes over in 2020 … there will be a Market Crash the likes of which has not been seen before!”
A chorus of critics took to social media Monday to comment on how the economic news turned the ongoing presidential election contest on its head.
“The crazy 2024 election year just took another crazy turn,” wrote FOX Business Senior Correspondent Charles Gasparino. “A recession is increasingly certain. [F]or average folks, the situation is getting dire: Prices remain elevated and now jobs are getting scarce.”
“Not sure how the party in power wins against that backdrop,” he wrote, referring to the Democratic Party.
FOX Business’ Charles Payne said the current crash is a “manifestation” of “what Americans have been feeling for the last three years.”
He criticized the Biden-Harris administration for boasting “about things like the Inflation Reduction Act.”
“That’s stoking inflation!” Payne argued:
They brag about all the money they’re giving to … [the] richest corporations to build factories here.
Guess what? We gave $8.5 billion to intel, you know what we got in return? They’re going to get rid of 15,000 workers.
Is that smart? Is that really brilliant? Is that what we should be doing with taxpayer money? Stoking inflation and losing jobs? It’s nuts!
Trump and conservatives used the terms “Kamala crash” and “Kamala collapse” to highlight the Biden-Harris economic policies that have been in effect in the leadup to the crash.
“TRUMP CASH vs. KAMALA CRASH!” Trump wrote on TRUTH Social, contrasting the strong economy under the majority of his administration with the present downturn.
In response to Trump’s TRUTH post, conservative political commentator Jack Francis wrote: “This crash, even if temporary, is a brutal blow to Kamala’s ‘momentum.’ Francis is known for his popular YouTube channel Red Eagle Politics.
Turning Point USA founder Charlie Kirk wrote on X: “This is just the beginning of the economic collapse. Kamala owns this. Kamala collapse.”
While the crash was occurring, Rep. Anna Paulina Luna, R-FL, highlighted other dire realities to show how the Biden-Harris administration “has utterly failed on the economy.”
“[I]nflation hit a 40-year high, and grocery prices have skyrocketed over 21%!” Luna indicated.
An X account linked to the Republican National Committee (RNC) posted a clip of President Joe Biden stating that his and Harris’ administration “cured the economy.” Biden made the remark less than a week before the stunning crash.
CatholicVote wrote on X that Monday’s economic news “is your preview of 401-Kamala.”
“There is another choice,” CatholicVote emphasized.
