Donald Trump baffled, angry at bloodbath on Wall Street
Donald Trump has responded with outrage and bafflement after the worst day on Wall Street this year.
Shares plummeted overnight on the back of higher-than-expected jobs figures, with the Nasdaq down 4.2 per cent, the largest point drop in history.
Donald Trump has raged at the market reaction to a positive jobs report. AP Photo/Mark Schiefelbein
The market bloodbath over what is ostensibly good economic news confused the president, who lashed out on Truth Social.
“With a great Jobs Report, like just announced, stocks should go up, not down,” he wrote.
“That’s the way it was for 200 years. Growth does not mean inflation! How else can a Country attain GREATNESS???”
But the market was responding to the positive jobs numbers by looking forward to a likely interest rate hike.
Inflation numbers are up and only expected to get higher in the US, and the new job figures will make things worse.
Trillions of dollars were wiped from the market in just hours, with big technology stocks among those hit hard.
Some of the fall was credited to the looming initial public offering (IPO) of Elon Musk’s company SpaceX.
Wall Street has nosedived overnight on the back of a positive jobs report. AP Photo/Richard Drew
Investors wanted to have cash on hand to buy some of SpaceX when it goes on sale next week.
Bitcoin also collapsed, now at less than half of its October value. The cryptocurrency has dropped 20 per cent this week alone.
Despite Wall Street reaching record highs earlier this week, the Friday plunge means Google, Apple, Nvidia, Meta and Amazon are all down for the week. Tesla is down by more than 10 per cent.
It brings a brutal end to a months-long growth streak on Wall Street.
While consumer sentiment has been dire in the United States in recent months, the markets have been surging.
The futures on the Australian stock exchange indicate the market will be down on opening on Monday.
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