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Wall Street tumbles 10% below its record for first 'correction' since 2023 on Trump's trade war (apnews.com)

submitted 2 weeks ago by [email protected] to c/[email protected]

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Summary

Wall Street entered a "correction" as the S&P 500 fell over 10% from its recent record, driven by Trump’s escalating trade war.

On Thursday, the Dow dropped 537 points (1.3%), the Nasdaq fell 2%, and the S&P 500 lost 1.4%.

Trump’s threat of 200% tariffs on European wine in retaliation for EU whiskey tariffs fueled market uncertainty.

While inflation and job market reports showed resilience, fears of economic stagnation persist. Investors remain concerned about the long-term effects of tariffs and volatile trade policies.

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[–] [email protected] 30 points 2 weeks ago

The job report at the end of this month is going to cause another correction.

[–] [email protected] 21 points 2 weeks ago (2 children)

“Correction”

I wonder how long they’ll keep calling it a correction. Full recession? Depression?

[–] [email protected] 6 points 2 weeks ago* (last edited 2 weeks ago) (1 children)

Maybe I’m mistaken but I thought “correction” is a term used for the market while “recession” and “depression” are terms used to describe sustained negative GDP growth?

[–] [email protected] 4 points 2 weeks ago

Yes. However, my sarcastic statement is that they would continue to call it a correction even after economic collapse.

[–] [email protected] 2 points 2 weeks ago

Inversion?

[–] [email protected] 6 points 2 weeks ago (1 children)

I am doing my part.

In the past two weeks I have sold off 95% of my stocks.

I even transferred an old jobs 401K into a rollover IRA so I could sell off all those stocks as well.

[–] [email protected] 4 points 2 weeks ago (1 children)

What are you planning to hold instead?

My stocks are definitely taking a beating, it is not fun.

[–] [email protected] 1 points 2 weeks ago

Money markets have been running around 4% APR. CD's etc are close to the same.

Commodities tend to also go up as money moves away from stocks.