May 29, 2020 10:02 PM RSS

As Trump Bragged About the “Incredible Job,” He’s Doing on Sunday -- Stock Futures Plunge Again!

  • Wall Street Rebel | James DiGeorgia
  • 03/23/2020 12:30 PM
As Trump Bragged About the “Incredible Job,” He’s Doing on Sunday -- Stock Futures Plunge Again!

 

While President Trump was bragging what an incredible job he and his administration are doing, the financial markets once again began to collapse. His lies, deception, and incompetence continue to make the financial impact of the coronavirus pandemic much worse. We are now below the levels on the day he was elected President.

 

March 23, 2020

COVID-19 Coronavirus Outbreak – World StatisticsEmail

Coronavirus Cases:

360,327

Closed Cases:

116,143

Deaths:

15,491

Recovered:

100,658

Currently Infected Patients

244,478

in Mild Condition

232,829

Serious or Critical

11,649

 

United States

Coronavirus Cases:

40,773

Closed Cases:

666

Deaths:

479

Recovered:

187

Currently Infected Patients

40,107

in Mild Condition

39,067

Serious or Critical

1,040


The Dow Jones, S&P, and Nasdaq 100 futures collapsed limit down. The Dow was down 954 points as President Donald J. Trump tried to reassure Americans by saying that everything was fine, and it would all be over soon. Like all of these news conferences, Trump spends most of the press conference telling those listening and watching what an incredible job he and his Kakistocracy are doing. Then like every press conference he has held since the coronavirus, the bottom falls out of the markets.

His press conference on Sunday, according to CNBC, even hit the oil market with a sledgehammer. As stock futures collapsed, so did U.S. crude futures sliding by more than 4%, adding to last week’s massive losses. Downside limits to futures contracts are implemented to ensure orderly market behavior.

Professional traders and private investors who make up the world’s financial markets know a conman when they see and hear a conman.  Trump's unwillingness to recognize the danger and repeatedly minimized the threat is responsible for the slow start in preparing for the epidemic he claims to have recognized before anyone else, continues to embarrass himself.

Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate might hit 30% in the second quarter because of shutdowns to combat the virus.

Goldman Sachs Group Inc. strategists Kamakshya Trivedi and Zach Pandl wrote in a note Sunday. The two analysts say markets are “pricing a global recession, which we expect; stay defensive,”

 “The uncertainties around the depth and duration of the hit to the global economy remain high and the momentum in our own, and other, economic forecasts continue to be sharply negative with downside risks.”

ALT: (Bloomber Chart Recession)

Meanwhile, Democrats blocked the U.S. Senate from advancing a massive aid package as House Speaker Nancy Pelosi said the measure fell short of her goals. One of the issues that have Democrats balking is the creation of a $500 billion fund that Secretary of the Treasury Steve Mnuchin wants without any strings. It amounts to a half a trillion slush fund according.

As the crisis boils over in the United States well before the dreaded peak, the death tolls rose around Europe, Germany, Italy, Greece added limits, and Sweden may take new measures. More U.S. states issued stay-home orders.

The coronavirus numbers continue to grow worse overseas and here in the United States:

Cases topped 329,000, deaths near 14,500: Johns Hopkins data

  • Italy fatalities climb by 651, less than Saturday, to 5,476
  • Spain deaths rise 30% to 1,720
  • Emirates to suspend most passenger flights
  • Germany cases rise to 24,254; deaths climb to 81
  • New York halts elective surgeries to free beds
  • U.S. infections top 31,000, France fatalities rise to 562·       

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