Wall Street has its worst day since the war with Iran started and crude oil prices rise
https://apnews.com/article/stock-markets-trump-iran-oil-8118f58d75859b9fc74ab133fa9e8c3e?utm_campaign=TrueAnthem&utm_medium=AP&utm_source=Facebook&fbclid=IwdGRjcAQyd7RleHRuA2FlbQIxMQBzcnRjBmFwcF9pZAwzNTA2ODU1MzE3MjgAAR45O1a1qDG2HdIFhtD5e3eegOwFEUcCvukAsocGBCjCCmly69NsYM4jCl9bjA_aem_ytR88xNd_yyp84uziMD42Q
Posted by kootles10
6 Comments
From the article:
Stocks fell sharply Thursday, and oil prices rose as doubt took over again from hope on Wall Street about a possible end to the war with Iran.
The S&P 500 slumped 1.7% for its worst day since January and is back on track for a fifth straight losing week. That stretches back to before the Iran war began, and it would be the longest such losing streak in nearly four years.
The Dow Jones Industrial Average dropped 469 points, or 1%, and the Nasdaq composite sank 2.4% to fall more than 10% below its all-time high set early this year. That’s a steep enough drop that professional investors have a name for it: a “correction.”
Stock markets likewise tumbled across much of Asia and Europe. They’re the latest flip – flops for financial markets in a week that began with big hopes after President Donald Trump said productive talks had taken place about ending the war. But Iran denied direct talks were underway and then dismissed a U.S. proposal for a ceasefire that was delivered via Pakistan.
Anyone else tired of winning?
and tomorrow morning trump will announce a new, secret, super awesome meeting he had with the Iranians about peace talks….right after someone puts in another $1.5 billion futures contract
“Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media and others, they are going very”
In short, a presidential buddy is about to discover a sudden passion for Futures contract
As someone outside the US, I always check media in different countries to see what news they are getting. The coverage of the war in Iran simply doesn’t convey to people in the US how devastating this is to the world economy.
In some countries and regions, people are cancelling holidays and air travel, EVs are sold out, people can’t get to work, farms are without fuel or fertiliser, mining companies and manufacturing are ceasing production, and there’s political unrest. Effectively (but not technically) there is a global recession already. And this is just the beginning.
Wall Street should be way lower. It seems to have no idea what’s happening though, let alone what’s coming.
Yeah, the market’s been pricing in recession odds all week. What’s wild is how crude jumped despite demand destruction fears, usually those move together. Geopolitical premium is real.
I often remark that the stock market does not necessarily represent the main street economy, but unfortunately in this case their is direct correlation.
Can’t sustain a supply shock like this without some ground level consequences.