The tariff-induced market mayhem isn’t over just yet.
US stock futures plunged Sunday evening after two sessions of sell-offs that wiped away over $5.4 trillion in market value. Stocks were set to open sharply lower Monday, putting the S&P 500 on the precipice of a bear market — a decline of 20% from its peak and an ominous sign for investors and perhaps the broader economy.
Dow futures were down 1,250 points, or 3.3%. S&P 500 futures fell 3.7%, while Nasdaq futures tumbled 4.6%. Asian markets tanked: Japan’s Nikkei fell 8% at the open.
The price of US oil fell more than 3%, sinking below $60 a barrel for the first time since April 2021. Oil prices have been in a freefall as investors fear tariffs could plunge the global economy into a recession that would sap demand for flights, shipments, transportation and travel — all activities that require fuel.
Bitcoin joined the declines, too — falling 5.6% to $78,736.93. Bitcoin had surged above $100,000 shortly after Trump was elected in the hopes that he’d help boost support for cryptocurrencies.
Kinda hilarious to see the market surge when he won and now plummet as he implements his widely advertised policies. Shocked pikachu face.
Goes to show the business class is just as stupid as everyone else. Just a bunch of nepo babies
To be fair, tariffs can be implemented in a clean surgical way or start tiny and slowly ramp up so everybody can adjust and anticipate. Tariffs can be used like a feather to tickle the market. Trump is using the whole chicken coup and throwing them in other people’s faces.
Yeah but I mean he was pretty clear about what he was going to do and it was not some carefully calibrated and cautious system of tariffs.
Who are we being fair to? Trump was never going to do that.
You idiots voted for him. Happy fuck you day!
The MAGA Nazis should be partying in the streets! This is what they voted for! Promises made! Promises kept! It’s a beautiful MAGA day!
Woo woo cheap houses and no foreign investors stepping foot into this grave, I’ll finally be able to own a home!!! Before they shoot me.
lol. Nope. Those are getting bought up by private equity and turned into poorly maintained rentals. They’re also being price fixed by a cabal of corporate landlords, so rents will always be maximally extractive!
yay…
What do you think an effect of that $5M gold card is going to be? Good luck continuing to compete with institutional investors and ultra wealthy.
Given how laws don’t mean shit anymore. There are plenty of empty houses out there. Just find one and take it. Would he fun if we made an app specifically for that.
One problem is how to keep out competition like LEOs and other squatters seeing opportunity.
The other would be how to get through the door without destroying it - sure, you can go at it with an ax, but a destroyed door won’t stop wild animals coming in.
But if those issues can be solved, I think it’s viable.
(the lock picking lawyer had entered the chat)
I immediately thought of the Lock-picking Lawyer.
You can buy a nice set of lockpicking tools from Amazon for less than $20.
In fairness, Bitcoin is worthless to begin with. So it didn’t really lose anything.
Bitcoin really hasn’t fallen that much. When it drops below 50k, you can talk.
Tell that to the people who own it. They might have a few choice words in response. Everything has the value it has because people are willing to pay it. No difference between a Porsche, a simple house, an iPhone, a share of any company, or one bitcoin.
The value of anything is what someone is willing to pay for that thing.
Yeah!! A house only has speculative value! There’s no fundamental value in a house! Just like bitcoin, if you can’t sell your house, it’s worthless!
… .what do you mean, “a place to live in”?
Just because someone buys shit doesn’t make shit valuable.
Yeah, it kind of does.
theres a difference between price and value. the price is what the market is willing to pay. value is what justifies the price. bitcoin has no fundamental value. a house is worth the net present value of all future rents, against maintenance and taxes etc.
