Stocks sold off and the Dow dropped 500 points Friday as U.S. inflation and geopolitical worries once again weighed on investor sentiment.
CNBC:
The Dow Jones Industrial Average slid 465 points, or 1.2%. The S&P 500 1.4%, while the Nasdaq Composite pulled back by 1.6%.
JPMorgan Chase shares declined more than 5% after the banking giant posted its first-quarter results. The bank said net interest income, a key measure of what it makes through lending activities, could be a little short of what Wall Street analysts are expecting in 2024. CEO Jamie Dimon also warned about persistent inflationary pressures weighing on the economy.
Oil prices continued their rise on reports that Israel is preparing for a direct attack by Iran this weekend, in what would be the biggest escalation of tensions in the region since the outbreak of the Israel-Hamas war last October. U.S. crude was last at $87.11 a barrel.
That, coupled with fresh U.S. imports data, added fuel to inflation concerns that have put pressure on the market.
Consumers are also growing worried about the persistent inflationary pressures. The consumer sentiment index for April came in at 77.9, below the Dow Jones consensus estimate of 77.9, according to the University of Michigan’s Surveys of Consumers. Year-ahead and long-run inflation expectations also ticked up, reflecting frustrations over sticky inflation.
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MacDailyNews Take: Again, the Fed stopped raising rates too soon.
As we wrote in February 2023, “When certain quarters, including the Fed, delude themselves and others that ‘inflation is transitory’ and waste at least a year before doing a mere portion of what is necessary* (interest rate hikes), the price will be paid for being delusional and late.”
‘Tis best to get a handle on inflation, if you know how, while you still can. – MacDailyNews, May 11, 2021
Stop the misguided crusade against domestic energy production and profligate federal spending and inflation will be stopped dead in its tracks. It’s not difficult. – MacDailyNews, May 11, 2022
For new generations, sometimes tough lessons have to be retaught and learned the hard way. As we go through this, remember: It’s always darkest before the dawn. – MacDailyNews, July 14, 2022
Inflation is repudiation. — Calvin Coolidge
When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill… [which] comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan
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INFLATION AT SAME POINT IN PRESIDENCY
ENERGY
Trump = 0.0%
Biden = 38.8%
GASOLINE
Trump = -2.0%
Biden = 47.8%
ELECTRICITY
Trump = 3.0%
Biden = 29.3%
NATURAL GAS
Trump = -1.9%
Biden = 26.9%
GROCERIES
Trump = 3.3%
Biden = 21.1%
EGGS
Trump = -3.6%
Biden = 49.3%
MILK
TRUMP = 2.6%
Biden =15.0%
CHICKEN
TRUMP = 3.7%
Biden =23.9%
TRANSPORTATION
Trump = 2.3%
Biden =32.5%
AIRFARE
Trump = -13.8%
Biden =32.7%
PUBLIC TRANSPORTATION
Trump = -8.1%
Biden =22.2%
USED CARS
Trump = 2.4%
Biden =20.9%
APPAREL
Trump = 0.6%
Biden =13.5%
Against the backdrop of the huge majority of people quarantining indoors on a worldwide scale drastically reducing demand, and interest rates lowered to boost the economy to the point we have no buffer to use should the economy tank at that point, that looks reasonable.
Not accurate. Demand was low but supply was almost nonexistent. Prices should have skyrocketed since people still need to eat and use electricity, etc.
The key was cheap energy. Biden regulations have greatly increased costs for energy which then go into the cost for everything. See: USA in the 1970’s during the OPEC embargo’s.
Wait until people see their Homeowner’s and Auto insurance renewals. It is astronomical.
Inflation may be a part, but I think for Homeowners the increase will be more due to the huge number of disaster claims in the past couple of years. The Lahaina fire for example.
Xennex I see what you’re implying. You need to log out and power off your devices; your tech privilege is adding to the “global climate crisis” also you need to stop using heating and air conditioning because its undermining the IEA goal of net zero by 2050. You also owe reparations for enabling the use of slave labor in African cobalt mines used in the manufacturing in your EV/smart phone batteries. And don’t even think about using AI, each query on ChatGPT consumes the equivalent amount of energy of running a LED bulb for 1hr 2 min! So you should go first, Be the change you seek.
Don’t reply because the plant can’t afford us to wait one second longer.
Interesting. A ChatGPT type response that has no bearing on the comment it replies to. Too many bots around MDN these days.
Epic fail Xennex; the COVID fraud was done deliberately to destroy the successful policies that DJT had put in place so that they could hijack the election in their favor. All of the “conspiracy theories” decried by the libturds have been proven to be true over the past few years.
I haven’t claimed COVID was or wasn’t a fraud. I have just stated the reality of what happened in terms of supply and demand. Are you denying basic economics?
NO, as a Leftist you are making excuses for the Biden administration. Very OPINATED and TENUOUS at best…
I believe we are going to learn that “the Covid fraud” had greater aims than destroying DJT policies. Specifically, Rand Paul has investigated and implied Fauci’s involvement is deeper and (much) more malevolent than thought. It also functioned to shut down cultural fluidity and discourse. Campaigning from your basement to hide impairment and followed later with the press shut-down and collusion with govt (yes collusion), epitomizes this. Plus, it was local, national and WW. The latter is still the most mysterious and foreboding. Again, bigger than DJTs policies…unless one can say his policies threaten the World.
Are people really this stupid?
Not all, just 74 million of them.
Sam have you got a source for those inflation stats?
No, Sam never can justify his political copy/paste disinformation.
Also, the S&P is near an all time high. Even Stupid Sam/Hal and Stevjackass cannot deny that reality.
Using S&P high as proof of a healthy econ is naive. Inflation’s effect has been directly correlated to high asset prices…esp equities & RE. No wonder the S&P is high…inflation has been, is and will be high going forward. Money CANNOT be handed out/created w/o downgrading the dollar’s buy-power (inflation). You may not like the method (copy/paste), but the info presented is aligned with reality.
Stop using logic and facts. Libturds can’t comprehend them.
To piss off a conservative, tell him a lie.
To piss off a libturd, tell him the truth
Dear fuckturd, No Apple News Here,
69% of the S&P is currently driven by 7 tech stocks, 4 most recently.
The last time the tech stock bubble burst, the techs lost 70% and the S&P lost 32%, and took 6 years just to break even.
The Schiller PE ratio is around 34%. ALL 5 times it was over 30 for a period of time historically, the market crashed between 20 and 89%.
Thanks for proving that you truely earned the name, libturd: Liberal + Shit for brains
DOJ: Biden is too senile to prosecute for corruption and treason
Liburds: It’s OK the let the lying, corrupt, racist, pedophile dementia patient continue as a puppet in the White House.
Having a dementia patient running the government shows us just how little we need the government and how fucking stupid libturds are.
Libturd stupidity has caused:
-Lying, corrupt, racist, pedophile, dementia patient and whore installed in the White House
–complete unquailed VP who is unable to form a single sentence
-two completely unqualified judges on the Supreme Court place there because of their race and sex instead of qualifications.
-Burning cities
-Occupy movement
-Doubled gas prices
-Gas pipeline shut down
-US emergency oil stockpiles drop to lowest level since 1983
-Unaffordable healthcare insurance
-Legalization of marijuana
-Baby killing
-Wants to ban gas stoves to save children but has no problem killing unborn children
-Destroyed economy
-Crashed stock market
-Upcoming recession
-Highest inflation in 40 years
-Weaponized IRS
-Destroyed school system
-Open border crisis
-Illegal aliens getting drivers licenses
-Illegal aliens getting free medical insurance
-Illegal aliens getting tax-payer money
– National Guard pay delayed after congress celebrates itself for spending $1.7 Trillion
-Trading a useless, athlete for a notorious arms dealer (Merchant of Death), while leaving behind a USMC veteran, because she is an anti-American, black lezbo.
-Releasing a notorious arms dealer (Merchant of Death) while trying to deprive Americans the right to defend themselves with gun control so we can protect ourselves from violent libturds
-Red flag laws
-Voter fraud enabling
-No voter ID
-Illegals allow to vote
-Illegals given drivers licenses
-Labeling all non-libturds as domestic terrorists
-Labeling all non-libturds as racist
-“Extremists” used to be real terrorists, now it people who want to secure the border or keep pornography out of elementary schools
-Electric car mandates during electric crisis
-Woke bullshit
-“Identify as” bullshit
-“Inclusion” but only what libturds want to include
-Kneeling for National Anthem
-Woke hirings preferred over actual competence
-Obese, mentally ill person installed as head of health
-Mentally ill, genderfluid ‘puppy’ thief installed at Department of Energy
-Jill Biden gives biological male “Women of Courage” award
-320 genders
-It/that, them/they, and WTF pronouns
-Misgendering bullshit
-Epstein client list hidden
-Russia collusion bullshit
-Destruction of free speech
-Transgender perversion forced on children
-Drag queen story hours
-Boys in the girls’ bathrooms.
-Tampon dispensers in the men’s room
-Boys in girls’ sports
-Mentally ill man pretending to be a woman on a beer can
-Mentally ill man being a model for women’s underwear-
-Cancel culture in the name of “tolerance”
-Not OK for a child to pretend to be an Indian for a game, but OK for a man to pretend to be a woman in real life
-Men can get pregnant
-Record underemployment
-Defund police
-Soft on crime policies
-Zero bail laws
-Record high crime
-Obese, ugly men winning female beauty pageants
-Food shortages
-Corruption of Legislators
-Corruption of Judges
-Corrupt FBI
-Corrupt CIA
-Corrupt media
-Corrupt social media
-Acceptance of Socialism and rejection of Capitalism
-Election and reelection of incredibly stupid, mentally unfit politicians: AOC, racist Omar, We have to pass it to find out what in it, Pelosi, Guam will tip over Hank Johnson, brain damaged Fetterman, Dementia Joe—just to name a few.
-Ukraine gets: $200 billion, Congress gets: 41% pay increase, Taliban gets: $85 billion, Iran gets: $200 billion, American get: $7 eggs, $4 gas, 50% increase on electricity, free crack pipes, open
borders, fentanyl crisis, toxic spills
-The list goes on and on and on and on and on and on and on and on and on and…
And you are so fucking stupid that you think you are the smart ones!
You want to start a revolution, but you can’t even start a lawnmower.
The next civil war will be fought between Americans and libturds. One side has 300 million firearms and trillions of rounds of ammunition, the other has strap-on dildos and toilet plungers.
Fuck Joe Biden. Fuck libturds
“A useful idiot or useful fool is a person perceived as propagandizing for a cause without fully comprehending the cause’s goals, and who is cynically being used by the cause’s leaders.”
–WIki
That would be YOU.
Sam succinctly laid out the problems based on REAL LIFE and DATA STATISTICS ignorant one, not party propaganda.
Nuff said…