Monday was absolutely horrific for the stock market as several indexes plummeted quicker than Joe Biden’s mental acuity.
An insane $1.93 trillion was removed from the market before opening, triggering an immense drop well over 1,000 points on the Nasdaq.
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BREAKING:
OVER $1.93 TRILLION WAS WIPED OUT OF THE US STOCK MARKET THIS MORNING AT THE OPENING OF THE MARKET! @Nasdaq has dropped over 1,000 points. pic.twitter.com/j4ugDk9lie
— Laura Loomer (@LauraLoomer) August 5, 2024
The drops weren’t America-specific either with international markets like Japan’s Nikkei index and the pan-European STOXX 600 index also seeing considerable dips.
The New York Post reported:
Cryptocurrency was also hit hard by Monday’s meltdown in the markets. Bitcoin shed more than 17% of its value while ethereum was down more than 21%.
The global digital currency market lost a total of $1.79 trillion from its market capitalization over the course of the last 24 hours.
The most recent jobs report from last week, which showed hiring crawl to a slower-than-expected pace, had Wall Street fearful of the prospects of a recession.
ADVERTISEMENTAnalysts at investment banking giant Goldman Sachs on Sunday raised the odds of a recession next year from 15% to 25%, though they cautioned that such a risk was “limited.”
The weak jobs report and the global stock selloff has also fueled analyst expectations that the Federal Reserve will step in and institute emergency interest rate cuts in hopes of re-energizing the economy.
Social media users have been in a frenzy since the freefall began with many faulting Biden and his administration.
Dow down 1.5% premarket.
Nasdaq down 4.5% premarket.I guess all of our 401ks are about to be unburdened by what has been.
Trump is right. Kamala has no clue how to handle this. pic.twitter.com/LobUuftNwU
— Steve 🇺🇸 (@SteveLovesAmmo) August 5, 2024
🚨 “We have never been down 1,000+ points EVER—not even intraday—on the NASDAQ.”
Welcome to Biden Harris’ America.
pic.twitter.com/T8WzI2nWJm— Nick Sortor (@nicksortor) August 5, 2024
🚨 BREAKING: NASDAQ SUFFERS HISTORIC 1000-POINT DROP IN SINGLE DAY
"NASDAQ has never plunged by 1000 points, even during intraday trading," Fox News reported on Monday.
This sharp decline follows rising recession fears fueled by last week's disappointing jobs report. pic.twitter.com/ngy2kFCHN4
— JAKE (@JakeGagain) August 5, 2024
Biden: I cured the economy
NASDAQ: We have never been down 1,000+ points ever, not even intraday on the Nasdaq pic.twitter.com/PCyYf5OOvy
— Kevin Dalton (@TheKevinDalton) August 5, 2024
This is so weird!
— Benny Johnson (@bennyjohnson) August 5, 2024
The historic drop will certainly be one for the history books but the parts anybody wishes to take part in.
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