Stocks and oil prices collapsed further on a brutal black Monday for markets as President Donald Trump stood firm over his tariffs despite recession fears.
Trading floors across Asia and Europe sank deeper after last week’s selloff, with panic spreading fast.
Hong Kong led the collapse, crashing 13.2 percent — its worst drop in nearly 30 years.
The S&P 500, Nasdaq, and Dow — the three main U.S. stock market indices — are on course to open Monday morning down as much as 2 percent based on futures trading.
At one point last night it looked far worse, but futures and stocks are off their lows at 7.30am in New York.
‘Black Monday’ started trending on X – a reference to the global and severe stock market crash of 1987, as uncertainly grows before the US markets open at 9.30am EST Monday.
The carnage in Asia on Monday came after Wall Street’s two-day crash last week, as President Donald Trump doubled down on his sweeping new tariffs that have shaken global trade.
‘What’s going to happen to the markets, I can’t tell you,’ Trump said on Sunday night. ‘I don’t want anything to go down. But sometimes you have to take medicine to fix something.’
Countries are scrambling to figure out how to respond to the tariffs, with China and others retaliating quickly.
The new tariffs are set to take effect Wednesday, kicking off a wave of economic uncertainty with no clear end in sight.
