Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
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What is a circuit breaker in stock markets?
Well, Neil, have you ever heard of a circuit breaker? But seriously, circuit breakers have levels that end up getting triggered when markets go down by a certain amount. For the S&P 500, trading would be halted after a 7% drop or a 13% drop. And if the worldwide market performance while you're sleeping is any indication, a lot of those levels are going to be tested today. Hong Kong's Hang Seng market is down 13%. Japan's Nikkei index is down 8%. Singapore down 7%. China is down 7%. India is down 4%. And over in Europe, things are not much better. The pan-European stocks 600 index was down 5.2% in morning trading. And then a little sneak peek at the U.S. S&P 500 futures down 4%. NASDAQ 100 futures down 4.3%. Futures on the Dow are up. Just kidding.
They're also down a 4%. So yeah, go ahead and put an extra shot in your espresso. Now a word from our sponsor, TaxAct. Neil, do you think Batman ever did his own taxes? Definitely not. That's what Alfred is for. Actually, maybe Robin was a CPA. The point is every hero needs a sidekick. And if you're a sole proprietor business owner, you definitely needed one because chances are things are a mess under the hood.
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Weekends are awesome because you don't have to work. You can eat cold pizza for breakfast and the stock market isn't open. And we're all grateful it wasn't because Thursday and Friday's wipeout will go down in the history books. The S&P 500's 10% plunge on Thursday and Friday after President Trump announced massive tariffs.
How did Trump's tariffs impact the global economy?
ranks among the steepest two-day declines in the last 70 years, on par with Black Monday in 1987, the post-Lehman Brothers route in 2008, and the COVID plunge in March 2020. More than $6 trillion was erased from stocks over two days, the Dow shed more than 3,000 points, and the Nasdaq entered a bear market down 20% from a previous high. It was carnage on Wall Street and reflects the investor panic over President Trump's Liberation Day tariff announcement last when he raised tariff levels to their highest point in more than a century. Trump and his team believe these tariffs are necessary in order to restore America's manufacturing base and use them as a point for leverage with other countries.
While virtually all economists say they're a recipe for slower growth and higher inflation, especially at these astronomic levels. On Thursday, J.P. Morgan raised their recession forecast from 40 percent to 60 percent. Toby, trading starts at 9.30 a.m. this morning in what may be the least exciting opening bell ever. What is the word on the street?
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