US stock markets tumbled on Thursday as investors parsed the sweeping change in global trading following Donald Trump’s announcement of a barrage of tariffs on the country’s trading partners.
All three major US stock markets closed down in their worst day since June 2020, during the Covid pandemic. The tech-heavy Nasdaq fell 6%, while the S&P 500 and the Dow dropped 4.8% and 3.9%, respectively. Apple and Nvidia, two of the US’s largest companies by market value, had lost a combined $470bn in value by midday.
Meanwhile, the US dollar hit a six-month low, going down at least 2.2% on Thursday morning compared with other major currencies and oil prices sank on fears of a global slowdown.
You’re looking at it the wrong way. The fall of capitalism is the retirement plan, the people losing the most money rn were never gonna let you if things kept going the same way.
Ask seniors currently being squeezed for all they’re worth while being abused by staff in cramped and unsanitary facilities how they’re loving their retirement fund. That was the best case scenario.