Biden’s America is now falling free-fall with its series of failures to protect the people and its economy.
On Wednesday, the S&P 500 fell by 4% and the Nasdaq shed nearly 5% as investors reacted to a weak first-quarter earnings report by Target.
And on Thursday, the U.S. stock market crashed. The Dow plunged by more than 1,100 points, suffering its worst day since 2020, as big retailers reported their profits are getting crushed by inflationary pressures.
The Dow Jones Industrial Average tumbled to 31,490.07 — off 1,164.52 points, or 3.6%, its worst percentage decline since June 11, 2020, and its lowest closing level since March 2021.
100 Percent Fed Up noted:
Michael Burry, the hedge fund manager of “The Big Short” has been warning about this crash, and the “greatest speculative bubble of all time in all things.” Burry continuously stressed that retail investors who were heavily investing in meme stocks and cryptocurrencies were contributing to the “mother of all crashes.”
It appears that Burry knew what he was talking about, because the S&P 500 and Nasdaq indexes have plummeted by 15% and 24% this year, respectively. On May 3, Burry tweeted that the S&P 500 index could drop by 54% in the next few years, painting a very bleak picture for the future of Biden’s economy.
In a tweet from May 8, Burry noted that the US stock market appears to be following a pattern that leaves it poised for a monumental crash.
On May 10, Burry posted a tweet that suggested the stock-market crash he has been warning about has arrived.
All of these tweets have since been deleted from his account.
Rising inflation, the conflict in Ukraine, prolonged supply chain snarls, pandemic-related lockdowns in China, and prospects of aggressive policy tightening by central banks have weighed on the markets recently, stoking concerns about a global economic slowdown.
The Outlet added:
Major retailers Walmart, Target, Home Depot, and Lowe’s all reported their quarterly financial results this week, showing different depictions of how their consumers are being affected by the economy.
Both Target and Walmart took unexpectedly hard hits to their profits in the lastest period, while Home Depot and Lowe’s saw resiliency among their customer bases in recent weeks.
Brett Biggs, Chief Financial Officer of Walmart said in a statement:
“If you look at the demographics of the U.S. and lay our customer map on top of it, we’d be really close to the same thing. And so you’ve got some people who are going to feel more pressure than others and I think that’s what we’re seeing.”
As a direct result, some retailers may be seeing more shopping than others in recent weeks – as different consumers experience this economic downturn at different levels.