Did you have a stock market crash on your 2024 bingo card? Global markets are taking a historic tumble stoking fears of a recession. Just in the U.S., things aren't looking great.
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The Dow Jones dropped 1,064 points, or 2.7%. The S&P 500 futures are also down 4.6% after being down 1.8% on Friday. Nasdaq 100 futures were also down 4.8%. However, things are drastically worse in global markets such as Japan. That country suffered a historic tumble rivaling that of Black Monday.
"It's painful," said Victoria Greene, chief investment officer at G Squared Private Wealth on CNBC's "Worldwide Exchange." "I think there's a lot being absorbed that happened over the weekend between Berkshire cutting Apple...you had the Japan sell-off... you have the yen spike and the end of that carry trade...You have a lot of bad news getting priced in."
"This is a pullback, a correction," she added. "We'll probably hit oversold at some point...rather quickly at these levels."
Take a look at social media, however, and you'll see plenty ringing the alarm bell. For lack of a better word, people are freaking out and panicking.
One person wrote, "STOCK MARKETS ARE CRASHING, JOBS NUMBERS ARE TERRIBLE, WE ARE HEADING TO WORLD WAR lll, AND WE HAVE TWO OF THE MOST INCOMPETENT "LEADERS" IN HISTORY. THIS IS NOT GOOD!!!?
Another wrote, "Aw man. I just got into the stock market for fun like a month ago. Why does it have to implode now?"
Social Media In Meltdown After Stock Market Stumble
Several people spread that the market was crashing. They wrote, "Stock market is about to to go into free fall." Another wrote, "Stock market is crashing!" Yet another wrote, "Only a few minutes into the US stock market opening and a lot of major stocks are already in free fall this is getting quite scary."
Some took a moment to reflect on the current times that they are living through. One wrote, "Stock Market crashing, WW3 on the verge, Iran with nuclear powers, a mentally handicapped nominee and ex nominee on the left, can't afford groceries, gas, rent/mortgage, insurance."
Another wrote, "I swear to go if they force us go to war due to the stock market crashing I swear to god at this point ima open up the chapter of ww2 and just use it as a guide since this is already starting to feel similar to it." Still, another wrote, "Crypto crash, Asian markets are a mess, stock market about to open, UK popping off, Iran getting froggy, time to get some [popcorn] and enjoy some news binging."
Of course, others told their fellow netizens not to panic. One wrote, "Just don't sell. Since it was invented the stock market ALWAYS recovers given time." Another wrote, "All these people freaking about the stock market crashing forget that I've seen it crash 4-5 times and I'm only 40."
