US stocks were sharply lower Friday as investors digested souring consumer sentiment and inflation data that showed an uptick in one of the Federal Reserve’s key gauges, underscoring the delicate state of the economy as businesses brace for President Donald Trump’s tariffs.
The Dow tumbled 750 points, or 1.77%, on Friday. The broader S&P 500 fell 2.1% and the Nasdaq Composite slid 2.8%.
. . .
Wall Street was also grappling with Trump’s announcement on Wednesday of 25% tariffs on all cars shipped into the US, set to go into effect April 3. Trump also announced tariffs on car parts like engines and transmissions, set to take effect “no later than May 3,” according to the proclamation he signed.
Thanks trump.
The trump regime was designed to TANK the US economy so that stocks, businesses, and industries can be bought by billionaires at rock bottom prices.
All is going according to plan.
I have an acquaintance that works for an old money, very wealthy family from oil money. The kind that influences regional as well as national politics. He worked for them during the last major recession in the late ‘00s. He basically said that his employer and all their buddies were running all over the world buying everything they could “like it is a fire sale” during the recession.
So yeah. This is how we get more billionaires, more oligarchs, and more meta national corpo monopolies where one company controls multiple brand names.
The best we can do is to quit as soon as your company gets purchased. What they are after is the people. Specially the key role people.
Don’t document your process. Fix things without opening change requests. That way if you assemble things the quality will drop when you leave.
If you’re in a key role, just quit. Don’t go fucking around by deleting data. It’s better to make up data instead that seems real but is not. Never write an email that is personal or has anger in it because, even if you don’t send it, it gets saved. Same for your teams messages. You want to stay in the industry, but just quit if your company gets taken over by a billionaire.
Yeah, almost seems like it. I am convinced they are at least doing something like the “Mar-a-Lago Accord” to devalue the dollar, unseat the USD as the global reserve currency, inflate debt away, and make wages low enough and people desperate enough so more manufacturing is viable in the US again.
Can you define “rock bottom prices”? – asking for a friend.
Buy it with what? Billionaires don’t hold money, their valuation is all in stock value.
I think you’re giving them too much credit. Never attribute to malice that which can be explained by incompetence.
https://www.cbsnews.com/news/billionaire-wealth-covid-pandemic-12-trillion-jeff-bezos-wealth-tax/
Between March 18, 2020, and March 18, 2021, the wealth held by the world’s billionaires jumped from $8.04 trillion to $12.39 trillion, according to the IPS’ analysis of data from Forbes, Bloomberg and Wealth-X. Amazon.com founder Jeff Bezos, the world’s wealthiest person, saw his fortune soar to $178 billion from $113 billion, or 57%, during that time, the study found. All told, the total wealth of the world’s billionaire class grew 54% during the pandemic year, IPS reported.
Lol billionaires absolutely have cash too.
It’s beneficial to keep most of it in stocks, sure, but they also get dividends, which can be used to buy more assets, or kept in waiting for a market downturn to buy even more assets.
The billionaires don’t pay for their supercars, luxury mansion, security details, cesspool social media sites, and private jets with stocks my man. They have plenty of liquidity to go around.
False. They take out special loans only available to billionaires at less than 1% interest. They use their stock as collateral. They never pay back these loans because they don’t want to sell their stock and pay taxes in order to repay them. The banks don’t mind because they know they’re good for it. They keep doing this over and over. Their long term plan is when they die their estate will pay off their debt. That’s the recipe they use to pay zero taxes.
I find it deeply funny that fascism is completely compatible with capitalism (it’s arguably its end-state), but they’re still tanking the economy because Trump doesn’t understand tariffs.
Fascism ultimately tanks any system because it prices loyalty above all else and you inevitably end up without any compitent people in charge.
Yeah, for sure, fascist regimes have a pretty short shelf-life in general because of cronyism and incompetence. I’m just saying there’s nothing inherent to fascism that should be tanking the economy right now in the way, say, a communist revolution would by causing capital flight. If he wasn’t pushing the worst, most unnecessary trade war in history, Trump could have a strong economy right now.
They understand tariffs. They want stock prices to tank so they can rake in on slashed prices. This is just more and more of the same wealth transfer in the past 45 years, just so in our faces that people don’t want to believe it’s happening.
I think that’s true for some of them, mostly the Wall Street folks who have enough diversified wealth to buy a lot of stock during the crash and wait it out. But I think the start-up folks, who’s companies have often never been profitable, and rely entirely on investors over-inflating their value to survive, are freaking the fuck out right now. And I think Trump is just legitimately dumb, doesn’t understand that a trade deficit doesn’t mean America is losing money, and genuinely doesn’t understand tariffs.
I told my partner that we needed to stop excessive spending like going out to eat while the economy is so uncertain. She was ok with that. I’m not feeling great about our (collective) future. Sigh.
I hate that going for a meal out is considered excessive, from someone who is in the same boat as you.
And all restaurant owners are probably bracing for this to hit hard.
11 weeks ago, ‘2023’ was last year.
This isn’t a slump yet. If Dougie shuts off the power to three states, I hope he does it during a break between the “oh no unregulated drinking water had maaaaaaaassive e.coli in it” diarrhea outbreak right when the softwood tariffs have cratered the toilet paper supply the worst.
At that point in time, expect a stark realization of the state of things to cause some sadness to leak into the market too. I predict three northern states fighting for black market TP and shitting prolifically in the dark to really affect the market. But probably, still, not his numbers.
this isnt a slump yet
Technically we are in correction territory, so id say we are a slump. This isnt the bottom though. Get some puts and ride this baby all the way down. I hit 10x on tesla puts that i bought yesterday. This markets dumb and with the volatility this high, everyone should be making money if they sell when they are green and done diamond hand it
I love this idea that while 60% of the country is living paycheck to paycheck “everyone should be making money” like everyone has money to invest. We are well and truly fucked
From a Canadian masterpiece of a videogame:
Like all of you, I was born poor, with but a meager derivatives portfolio and limited vesting options.
What game?
Warframe
Starts out with space ninja stuff, and progressively gets weirder. Currently it’s the time travel zombie boyband clone hunting story arc. Still with space ninjas though.
What game?
I turned $70 into $2k in the last 2 days. It doesnt take much to get started
No offense but that sounds like casino talk. You got lucky. You definitely should not be telling people to invest in things they don’t understand with money they don’t have.
Yeah gonna back you on this one, maybe I’m I’ve got a bit too much Scottish blood but the risks involved in it are too high and reliant on an inmate volatility. If ya have the extra cash to spare get a good pair of boots, tools, or equipment which are good investments the difference between a yearly replacement and a bi yearly replacement may very well be 30 bucks.
Also yes I am paraphrasing Sir Terry Pratchett.
Sure, but you see tesla going up on bad news, its not difficult to anticipate its going to come right back down. Im not telling people to throw money away, obviously you need to be educated. Last year i turned 7k into 35k. Took it all out except 700 and am already back to 6k.
Ive been doing this for about 14 years. I have experience and knowledge that someone starting out doesnt. That wasnt my point. My point is, it doesnt take much money to get started.
right when the softwood tariffs have cratered the toilet paper supply the worst
Time to invest in bidets.
Or just wipe your arse on the curtains.
deleted by creator
…what year do you think it is now?
Edit: i mistook their comma for a semicolon
Based on their comment, 2025.
It’s gotta be at least 2027 by now…
Thanks Trump
Personally, I am guessing that the American Dollar will end up like the Weimer Republic’s currencies.
I am removing my life savings from the bank and turning them into Euros. Everyone’s economy will dip, but I am pretty certain America will have a Greater Depression. Unlike the Great Depression or the Weimer Republic, the annihilation of government agencies and fiscal instruments is deliberate & total.
I’ve moved most of my savings to Gold since around 2010 partly because I was in the Finance Industry during the financial crash of 2008 and saw how the “fixes” done back then weren’t at all fixing the problems, just kicking the ball forward on the backs of people whose income mainly comes from work (hence the growth of inequality, slow down in social mobility and insane various bubbles including realestate that kept on getting inflated for the last decade) something which has been fueling the growth of the far right (people are feeling the pain, getting pissed of and lots of money has been put by very rich people into political entities and the newsmedia to spread the idea that it’s outsiders who are to blame for all this rather than very wealthy insiders plundering an economy which has ground down to a halt its growth, in collusion with local politicians).
I was also in the Tech Industry during the tech crash of 99, which probably made me even less trusting in the current system’s long term stability.
Gold is a pretty old fashioned way to try and retain some value on one’s savings, especially in countries where government management of the Economy and the local currency is pretty bad (in my own country of Portugal it used to be pretty popular to get it in the form of jewelry for that purpose, though not anymore, and it apparently still is in India and most of Asia including China).
(Basically, it’s the “oh shit” option for when the Economic situation gets very bad and people fear the value of state issued currencies themselves won’t hold)
I can tell you that even though Gold has been mostly just kept up with inflation for the last decade and a half (with an uptick when Russia invaded Ukrained), Donald Trump’s actions really made the value of Gold in most currencies (especially USD) take off like a rocket, or in other words, that the value of most currencies is falling hard compared to what up to 71 was treated worldwide as the reference “currency”.
IMHO, it’s a pretty fucked up sign, especially for the US Dollar (which has the extra nasty bit that it stops being the World’s Reserve Currency, all the benefits from it will unwind and if that happens fast - within a year or two - we might see shit like hyperinflation in the US).
PS: And if I may gloat a bit, I was living in Britain back when Brexit happened and did call it successfully and saved my savings by having most of them in Gold and Euros when Brexit crashed the British Pound by about 30% vs the Euro, something it never really recovered from. Maybe I was lucky but I remember that at the time and even before the Leave Referendum I felt that the Austerity in Britain was stretching the political environment in the country and that it wasn’t a safe place to hold my savings, even though back then all my income was in GBP.
I was in the Finance Industry during the financial crash of 2008
I was also in the Tech Industry during the tech crash of 99
I was living in Britain back when Brexit happened
Your life reads like the lyrics of Sympathy for the Devil.
We need to find where this motherfucker loves and stay away from there.
I’m Portugal now, so with the luck I have an American invasion of Europe will land here within the next couple of years.
Well, I guess it’s one way in which one can have “life experience”.
Had I’ve been given a choice, I would have preferred other options.
Not a bad idea. It’s much easier for one country to fail than a coalition of countries.
Meanwhile, the CAC40…
Honestly, kinda surprised it is only dropping this much. Would have though the collapse of the free world as we know it to have more of an impact.
(extremely reddit voice) priced in
Damn it, who is buying the dip?
I mean, technically most people with 401ks are buying the dip.
Wake me up when it’s worse than 2022.
Hope you like short naps
It’s hard to lie about stock prices, let’s watch them continue to shout their propaganda as the riots start.
-
They inherited Biden’s economy
-
trump can’t affect anything so soon
-
It would be worse under Kamala
-
We’ll just have to suffer a little pain while trump fixes things
Take your pick of weak excuse
At this point the people that still like trump would happily live in a cardboard box as long as people they didn’t like were denied a cardboard box
His supporters would clap and cheer in the dark while he unscrews the last lightbulb.
-
There has been a lot of “lying” about stock princes over the last decade but quite indirectly so: for example the ultra low interest rates have allowed many companies to get loans merely to buy their own stocks, which pushes stock prices up whilst loading the company with more debt (and bad debt rather than good debt: not having been taken for investing in productive and marketing activities of the company, those loans will not lead to the increase in profitability needed to pay the debt back plus interest).
Similarly, because the wealth has been concentrating in fewer and fewer hands there has been a lot more money floating around looking for investments (every extra dollar in the hands of a poor or working class person is one extra dollar that goes into consumption, every extra dollar in the hands of a rich person is one extra dollar that’s looking for investment), which has pumped up bubbles from realestate to crypto, and that includes stocks.
It’s not “lying” in the sense that one person moved the markets by telling porkies, it’s more of a mix of economic manipulation and an emergent system (in the Mathematical sense) transforming the actions of the various agents under these manipulated financial conditions into a big picture of stocks (and other “investment” class assets) going up in price even though no real increase in their underlying value has happened (the companies aren’t really profiting so much more that it justifies their market cap increases, the houses whose prices are going up have no actual improvements to justify the higher prices - the value going up is basically justified by the value going up).
Stable genius getting results!!!
OMG… Trump was lying about fixing the economy? Please say it isn’t so!
This brings a smile to my face. My stocks are somehow all steady. The smile is not for those like me losing out. It for all those rich 1-3% who it really hurts. When the orange tumor and his apartheid nazi loses their support then perhaps we can do something that doesn’t equate to civil war.
lol, no. Rich ppl just gonna buy when retail sells. Smart money sold already.
Thanks trump. (if he can take credit for Biden’s economy then he can take credit for his ineptitude too)
This isn’t because of Bidens ineptitude though. This is entirely Trump’s fault. Anyone with half a brain could predict this after attacking our allies and bringing up the tariffs.
The tarrifs are 100% donnie.
If he can take credit for the past admin, he can take credit for his failures.
He won’t, Trump can do no wrong according to himself and his cult followers. Anything good is all him, anything bad is a nebulous thing he had no part of.
Its a bit higher than the low it hit two weeks backish on the 13th. Its significant because the bit of recovery petered out and in the past little false recoveries like this was the stair step down that made it into a truly crashing market. It did not so far though fall below the low of the recent drop but it is pretty close to it.
“Technical” analysis is bullshit. There are enough value based indicators that show why the US stock market is going to have a rough time in the coming years without this hocus pocus speak.
E.g. the combined P/E of all stocks on the NYSE is over 25 while that of Nasdaq is over 29. That indicates a massive bubble as this ratio historically averages around 20.
This was already under Biden, Trump is just triggering the correction with his ineptitude instead of some outside factor. The fact he, unlike Biden, is not even trying to resolve the underlying causes will just make it worse.
I agree. honestly even that P/E is greatly skewed by this millenium. The correction was meant to happen about the time of covid but ironically covid caused a very short spike drop and I think the emergency itself combined with the efforts taken sort tar papered it out of it and it kinda went crazy opposite.
