Dow tumbles nearly 900 points, Nasdaq suffers worst day since 2022 as recession fears erupt: Live updates
www.cnbc.com
Stocks dropped as the selling pressures that dragged Wall Street last week persisted, while investors braced for a slew of economic data reports this week.
  • Bytemeister@lemmy.worldEnglish
    40·
    4 days ago

    Did trump just set the new speed run for a Republican ruining the economy after a Democrat fixed it?

    • CharlesDarwin@lemmy.worldEnglish
      8·
      4 days ago

      To hear him and his apparatchiks tell it, he was handed a DISASTROUS economy and we can all expect it to take a while for little d to fix it?

      As if we cannot see with our own eyes that the economy he was handed was outstanding and his tariffs are the cause of these crashes?

      This stuff reads like it was issued from the Ministry of Truth in 1984…

      • sp3ctr4l@lemmy.zipEnglish
        12·
        5 days ago

        This is going to be the second Great Depression.

        It is going to impact the entire world.

        Notable differences from the last Great Depression:

        Many countries have many nuclear weapons.

        Something like 6 billion more people exist.

        Climate change is accelerating, and this will make food more expensive everywhere, as opposed to a regionalized Dust Bowl, as well as causing more frequent and more severe natural disasters basically everywhere… and the more time passes, the more expensive it will be to mitigate this.

        Perhaps also worth noting:

        Japan argued the US’s oil embargo on it as functionally a declaration of economic war.

        History is replete with examples of embargoes and massive tariffs being considered a justification for escalating a trade war… to an actual war.

  • formulaBonk@lemm.eeEnglish
    791·
    5 days ago

    Everyone here mentioning billionaires and missing the point that the Russian agent in charge is just doing his best to deliver any and all assets to Russia. Sanctions getting lifted just as the fire sale on American assets begins right before the civil unrest. If you’re a Russian dictator you could not have planned it better. Republicans are seriously the dumbest mother/sister fuckers on the planet. I can’t even believe how fucking stupid you’d have to be to hold “conservative views”. Like it does not compute how you can be that dumb

    • Revan343@lemmy.ca
      22·
      5 days ago

      Like it does not compute how you can be that dumb

      Easy, lack of education (or even actively detrimental ‘education’), courtesy of decades of Republican sabotage of the education system

  • cygnus@lemmy.ca
    231·
    5 days ago

    “Small price to pay to own the libs!” the faithful cry as they slowly eat their daily ration (one egg and a slice of wonder bread)

    • maplebar@lemmy.world
      3·
      5 days ago

      I sold all of my stocks a couple weeks back and I’m feeling pretty fucking good about that right now.

      • Ms. ArmoredThirteen@lemmy.zipEnglish
        1·
        5 days ago

        My employee stock purchase plan went through recently. I missed selling before the dip caused by all the other employees selling. Normally I will ride it out for a bit and the stock jumps back up but this time I had a sense it was going to just keep dropping. I waited a couple hours for it to partially rebound and managed to time it perfectly, it’s only been downhill since I sold lol

        • maplebar@lemmy.world
          2·
          5 days ago

          To be totally honest, this isn’t about stock market gamesmanship to me–I’m not trying to buy the dip over the next few days. (If anything I’m waiting for the AI bubble, which I personally believe is bigger than the .com bubble, to blow the fuck up.)

          Between incompetent idiots and assholes running everything, ridiculously inflated stock prices, meme stocks and market manipulation, on-again-off-again trade war bullshit, and the AI bubble, I’m happy to have my money out of the market. I have zero faith in the people who are running our economy to do anything worth investing in, and I’ll be perfectly happy to find alternative means of investing over the next 2-4 years.

          Frankly, I’m sick of putting almost my entire life savings in the hands of corporations and the delusional k-holed fucknuts like Musk who run them. It’s a bonus that I’m no longer the shameful owner of bullshit ETFs and company shares that serve only to enrich and empower the richest corporate oligarchs.

          I’ve lived through multiple crashes already, maybe I’ll hop back into the stock market during the next one, or maybe not because fuck this whole system.

      • empireOfLove2@lemmy.dbzer0.comEnglish
        7·
        5 days ago

        That’s why I said “for now”. I was mulling buying in after the election when corporate interests were riding high on a “pro business” President. But I didn’t. Now I have that cash free to buy in when we hit the bottom of the slump, if there is a bottom…

        • veni_vedi_veni@lemmy.world
          2·
          4 days ago

          There have been studies showing that just dollar cost averaging is a better strategy then trying to time the market using market sentiment for long term gains.

          • empireOfLove2@lemmy.dbzer0.comEnglish
            2·
            4 days ago

            While thats true in the real long run during stable times, that also assumes there are not overt outside pressures forcing the market in one direction.

            Trump does not bring stable times and is actively sabotaging economic stability.

            • veni_vedi_veni@lemmy.world
              1·
              3 days ago

              Everyone says that about each and every presidency. The years have made me skeptical of anything revolutionary happening on a macroeconomic scale.

  • Bruncvik@lemmy.world
    11·
    5 days ago

    From the article:

    “We see some irony in the recent outperformance by foreign markets over the U.S. markets. In our view, foreign companies in Europe, Asia, and Latin America are likely to suffer even more from deployment of tariffs than companies in the U.S.”

    I think they are overestimating the amount of trade flowing into the US. Tariffs will directly impacg US companies and customers, but they’ll also decrease the demand for foreign products. That will cause a challenge, if not outright recession worldwide, but I still think that foreign companies would be able to mitigate the drop in demand from the US better than US companies coping with supply shortages and higher prices.

  • thingAmaBob@lemmy.world
    11·
    4 days ago

    When everyone is fearful be greedy…

    I just do automatic investments in a diversified portfolio every month and forget about it. I’m young and in it for the long haul. If shit really hits the fan, none of it will matter anyway.

    • tal@lemmy.todayEnglish
      102·
      5 days ago

      The TCJA passed in Trump’s first term. It cut the mortgage interest deduction.

      Mortgage interest deduction for newly purchased homes (and second homes) was lowered from total loan balances of $1 million under current law to $750,000. Interest from home equity loans (aka second mortgages) is no longer deductible, unless the money is used for home improvements.

      The mortgage interest deduction is a tax break for homeowners, and Trump Term 1 saw that get cut. One would expect that cut to generally apply downwards pressure on house prices, since it makes it more-expensive to borrow money to buy a house.

      If one assumes that one could use that as a guidepost as to policy during a second term, maybe that’ll continue.

      kagis

      https://doeren.com/viewpoint/president-trumps-proposed-tax-plans

      To that end, GOP lawmakers in the U.S. House of Representatives have compiled a 50-page document that identifies potential avenues they may take, as well as how much these tax and other fiscal changes would cost or save.

      To help generate savings, the GOP document proposes making changes to various tax breaks, such as:

      • The mortgage interest deduction. Suggestions include eliminating the deduction or lowering the current $750,000 limit to $500,000.

      Sounds like it. So that could push prices of houses downwards.

      I haven’t been following the situation there, so this is just a quick skim, mind.

      EDIT: I’d also add that some of Trump’s policies may have dramatic increases on house prices, depending on what he actually does at any given point in time; he’s not really one for providing clear guidance, and even when he does, one can’t very well take his statements at face value. Two potentially relevant factors include:

      • Trade disputes with Canada. The US gets a lot of its lumber from Canada, and North American homes are typically wood-framed. If lumber becomes more expensive, that will drive up the materials cost of construction of new homes.

      • Illegal immigration. If Trump actually has a significant impact on the illegal immigrant population, it will increase labor costs in construction, as construction makes use of a lot of illegal immigrant labor. That will drive up the labor cost of construction of new homes. My personal take is that most of Trump on immigration is political theater for domestic politics, but it’s worth keeping in mind.

      So it’s hard to judge what factors might dominate.

      • grue@lemmy.worldEnglish
        31·
        5 days ago

        The biggest influence on housing prices, by far, is the zoning code. Prices are never going to stabilize long term as long as cities keep legally prohibiting supply from meeting demand.

      • bobs_monkey@lemm.ee
        7·
        5 days ago

        Which honestly could be the point of all this, crash the economy so the fed is forced to cut rates to near zero and all his billionaire buddies can enjoy the fire sale of the republic on the cheap.

  • Tezzerets_Tea_Time@lemmy.world
    461·
    5 days ago

    This is intentional. The billionaires are salivating waiting in the wings to buy up as much as possible when the prices are low.