By BRIAN PORTER | Rocky Mountain voice
As Americans awoke Monday to the start of a work week on Main Street, there was a crash on Wall Street.
Investments in Big Tech and other companies with household names plummeted, as the Dow Jones Industrial Average dipped 1,000 points at the opening of markets. By mid-afternoon it had not changed.
Alphabet, Apple, Amazon, Meta Platforms, Microsoft, Nvidia and Tesla — known as the Magnificent Seven — were all down, leaving some to project those companies alone could have up to $1 trillion in losses on the day. Other overseas markets experienced the same selloff.
“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,” the former President posted on Truth social. “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.”
Trump Media & Technology Group’s stock, traded as DJT on the Dow and popularly known as Truth social, has dipped 23% since Harris entered the race July 21.
In one post on Truth, Trump called it the “Great Depression of 2024” and said voters have a choice to select “Trump prosperity.”
Many analysts have indicated the selloff is related to a weak job growth report released Friday. In that report, 114,000 jobs were added to the economy in July, with an anticipated growth of 175,000 jobs showing the potential of a slowdown or even recession.
“STOCK MARKETS ARE CRASHING, JOBS NUMBERS ARE TERRIBLE, WE ARE HEADING TO WORLD WAR III, AND WE HAVE TWO OF THE MOST INCOMPETENT ‘LEADERS’ IN HISTORY,” Trump wrote on Truth in all caps. “THIS IS NOT GOOD!!!”
He claimed the significant market losses — the Dow was hovering around a 2.5% loss at midday — were a result of polling which shows Harris having narrowed the margin with Trump: “the Radical Left Lunatic that DESTROYED San Francisco and California.”
The downturn immediately followed the announcement Harris had secured enough delegate votes to earn the Democratic Party’s nomination for President. Monday was the first trading day since that announcement.
Before Covid-19 struck, under Trump the Dow had increased by almost 60%, Fox Business points out, and under Biden, those same stocks are up about 25%. But, consumer costs have risen by 20% since the Biden-Harris inauguration in 2021, Fox Business notes.