Former President Donald Trump attributed the recent global stock market decline to Vice President Kamala Harris’ candidacy in several Truth Social posts, calling the downturn the “Kamala Crash.”
This continues his tendency to claim credit for positive market changes and blame the Biden-Harris administration for economic downturns.
Trump frequently takes credit for market gains, even after leaving office, and blames opponents for negative trends.
When stock indexes reached record highs in January, Trump credited the rise to his polling performance, stating on Truth Social: “THIS IS THE TRUMP STOCK MARKET BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PROJECTING THAT I WILL WIN, AND THAT WILL DRIVE THE MARKET UP.”
Stock indexes experienced significant declines on Monday, with the Dow Jones Industrial Average dropping 2.8%, the S&P 500 falling 4%, and the Nasdaq Composite plunging 6.2%, marking their worst declines since September 2022 and March 2020, respectively.
In addition to Friday’s jobs report, the Federal Reserve’s reluctance to cut interest rates has heightened investor fears, contributing to the losses. Recent disappointing earnings from Big Tech companies have also raised concerns about the profitability of substantial investments in artificial intelligence.
Major stock indexes across Asia, the South Pacific, and Europe also fell on Monday.
