Looks like Donald Trump is about to have a very ugly day today
When Donald Trump began his Oval Office address last night, the stock market had closed down more than 1400 points for the day, but was relatively stable in after-hours trading. Then Trump began speaking. By the time he was done ten minutes later, investors were so spooked by Trump’s cluelessness and obvious lack of a plan, trading immediately began plummeting.
As the night has gone on, it’s continued to get worse. If the Dow Futures remain where they are the stock market will open down about 1200 points in the morning. This will be in addition to the 1400 points it lost yesterday. And if anyone is hoping for any sort of recovery before the opening bell, the UK stock market opened about an hour and a half ago and it’s already down about six percent – suggesting there’s no cavalry coming.
So in addition to all the questions that Donald Trump will have to answer today about his bizarre televised address and his incoherent new plan to fight the coronavirus, he’ll also have to deal with the reality that the stock market is imploding. To give you an idea of how ugly this is getting, if the Dow Jones has three more days in a row like it had yesterday, it’ll fall below where it was when Trump first took office. It gets even worse.
The only real hope that investors might find for optimism today is that Joe Biden is giving his own coronavirus address at 1pm eastern time, where he’ll lay out his own agenda for trying to work around Donald Trump’s ineptness and fix this. So Trump’s best hope of seeing any stock market rally today is that Biden outshines him.
