Former President Donald Trump blamed President Joe Biden and Vice President Kamala Harris for the stock market free fall Monday amid U.S. recession fears.
"STOCK MARKETS ARE CRASHING, JOBS NUMBERS ARE TERRIBLE, WE ARE HEADING TO WORLD WAR lll, AND WE HAVE TWO OF THE MOST INCOMPETENT 'LEADERS' IN HISTORY. THIS IS NOT GOOD!!!" Trump posted Monday morning on Truth Social.
"'Japan down 12%, India down 6%. Germany way down also. U.S. really bad. This is a preview of the world markets without Donald J. Trump in the White House. None of this happens if Trump is in. Kamala and the markets don't go together. She'll destroy the markets. She's in power now and look at what is happening. One week of the fake media saying better polls and you get a market crash.' The Legendary Howard Lutnick!" Trump said in posting a comment from Cantor Fitzgerald's CEO.
The Dow appeared it could be headed for its first 1,000 point decline since September 2022.
Soon after the bell sounded on Wall Street, the Dow Jones Industrial Average futures dropped 1,064 points, or 2.7%, following a 611-point loss Friday, CNBC reported.
S&P 500 futures were down 3.6% after the benchmark lost 1.8% on Friday. Nasdaq-100 futures lost 4.8% as big tech stocks got hit hard in early trading.
"STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN'T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!" Trump posted Sunday night.
A surprising rise in the U.S. unemployment rate last month has rattled financial markets and set off new worries about the threat of a recession.
Friday's jobs report, which also showed hiring slowed last month, coincides with other signs the economy is cooling amid high prices and elevated interest rates.
European shares fell to near six-month lows amid a global sell-off in equities on fears of a slowdown in U.S. economic growth, with only a handful of stocks trading in the green.
The Associated Press and Reuters contributed to this story.
Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
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