The S&P 500 closed down 8.6% from its Feb 19 record high, shedding over $5 trillion in market value since then. 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
    691·
    18 days ago

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

      • UnderpantsWeevil@lemmy.worldEnglish
        32·
        17 days ago

        Me, a liberal in 2025: “Those stupid conservatives will never learn. They keep supporting the same tired crop of losers and idiots, while the situation in this country just gets worse by the day.”

        Also me, a liberal in 2028: “I’m extremely excited to vote for Hillary Clinton because she’s the most qualified person for the job and she will definitely fix everything.”

        • pachrist@lemmy.worldEnglish
          3·
          16 days ago

          I feel like someone will be screaming at me in three years because I’ll be unhappy that Liz Cheney is the Democratic nominee. It’ll be the lesser of two evils, maybe.

  • RememberTheApollo_@lemmy.world
    16·
    17 days 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
    10·
    17 days 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
      3·
      17 days 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.