The stock market posted its largest decline this year 24 hours after its largest gain since 2020. Volatility is a very bad sign. Biden is also in his largest decline in polling according to the latest poll.
The Nasdaq Composite Index fell 647.16 points, or 5%, to 12317.69, the largest one-day percentage decline since June 2020.
The S&P dropped 153.30 points, or 3.6%, to 4146.87, and the Dow slid 1,063.09 points, or 3.1%, to 32997.97, erasing Wednesday’s gains.
The major indexes declined between 7.02 and 9.38 percentage points from Wednesday’s highs to Thursday’s lows, according to Dow Jones Market Data, their largest swings since the first half of 2020.
On NASDAQ’s slide: Big Tech suffered a massive sell-off, with Amazon dropping almost 8% and Facebook owner Meta Platforms off about 7%. Among other big names: Apple fell nearly 6%; Google parent Alphabet declined about 5%; and Microsoft shares slid 4%. Overall, the Nasdaq plummeted 5%.
The Fed’s aggressive shift to raise interest rates has investors worrying about whether it can pull off a tricky balancing act — slowing the economy enough to halt high inflation but not so much as to cause a downturn.
They should be worried.
BIDEN’S APPROVAL ON THE ECONOMY
Biden’s disapproval on the economy plunged to 77%. That is more important than the favorability ratings, pollsters say.
Only two percent say the economy is “very good.”
Americans believe the economy is in the worse shape since January of 2012, a CNN Wednesday poll found. About 77 percent believe President Joe Biden’s economy is poor. Forty-seven percent said the economy is somewhat poor, while another 30 percent said it is very poor, Breitbart reports.
According to CNN:,“Americans disapprove of President Biden’s handling of this (the economy) more than ever before.”
WATCH:
CNN: “Americans disapprove of President Biden’s handling of this [the economy] more than ever before.” pic.twitter.com/mz6o0gWksA
— The Post Millennial (@TPostMillennial) May 4, 2022
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