The benchmark S&P 500 fell 2.7 per cent, its biggest daily drop of the year. Read more at straitstimes.com.

NEW YORK - President Donald Trump’s tariffs have spooked investors, with fears of an economic downturn driving a stock market sell-off that has wiped out US$4 trillion (S$5.3 trillion) from the S&P 500’s peak last month, when Wall Street was cheering much of Mr Trump’s agenda.

  • Redditsux@lemmy.world
    1121·
    2 months ago

    The guy who bankrupted a casino is tanking the biggest economy in the world. Who knew!

  • RememberTheApollo_@lemmy.world
    351·
    2 months ago

    I’m sure a significant chunk is middle class retirement savings. (Sources are not definitive, but over 40% of the value in the stock market is 401k and other retirement savings).

    Gonna F the job market again, too; as people who would retire won’t because their nest egg dried up.

  • kautau@lemmy.world
    15·
    2 months ago

    It’s important to remember that the rich in the US will profit off this as the working class gets fucked, it’s not “haha trump dumb,” it’s a planned thing to increase the wealth of the super rich

    • UnderpantsWeevil@lemmy.worldEnglish
      4·
      2 months ago

      it’s a planned thing to increase the wealth of the super rich

      The prior generation of neoliberal economics was doing this just fine. Trump is being buoyed, in large part, by a generation of middle managers, professionals, and small business owners who have eaten shit through a generation of consolidation and de-skilling of advanced labor.

      But his policies still suck. His neglect of critical infrastructure and his race to defund public goods and services and his clumsy implementation of pseudo-scientific economic policies won’t benefit anyone in the US, rich or poor. The rich will endure the catastrophes better (probably). And they’ll have the resources to flee when shit really starts to hit the fan (for the most part). But the idea that the biggest shareholders of Boeing, Microsoft, Exxon, and JP Morgan Chase are somehow positioned to come out ahead on a massive contraction in real economic production is delusional.

      American kleptocrats have made the choice to rule in hell, rather than to pay a 36% marginal tax rate in heaven. And you only have to look as far as Russia, Saudi Arabia, South Korea, and Israel to see where this miserable policy ultimately leads. Sergey Brin and Eric Prince are going to trade places with Ahmed bin Abdulaziz and Yevgeny Prigozhin, entirely for the opportunity to avoid dealing with the IRS.

    • Phoenixz@lemmy.ca
      1·
      1 month ago

      So far the most ultra rich have been seeing their wealth evaporatie as most of their wealth is ties to their ranking companies, so for the moment I’m applauding it

  • SkyNTP@lemmy.ml
    15·
    2 months ago

    They say there is no crystal ball in investment, but it’s hard to not have predicted this outcome.

  • orcrist@lemm.ee
    13·
    2 months ago

    Holy s***. If you have money in that Jones Trading company, you’re getting played, my friend. They would allow themselves to be quoted saying that no one expected that things might not go smoothly? It’s their job to plan for such things. The rest of us all expected things to go downhill, so what the heck were they doing?

  • Slayan@lemmy.ca
    13·
    2 months ago

    Hello easyspeezy here, today we got quite a special order, we are doing a bankruptcy speedrun!

  • LonstedBrowryBased@lemm.eeEnglish
    12·
    2 months ago

    Good thing I sold off my entire 401k last month 30 years early in anticipation of the market taking a massive dump

  • NaibofTabr@infosec.pubEnglish
    5·
    2 months ago

    Like the castle in its corner
    In a medieval game
    I foresee terrible trouble
    And I stay here just the same…