Trump kill stonks
By 
Buyer’s remorse doesn’t get much more remorseful than this:
Another wipeout walloped Wall Street Friday. Worries are building about a potentially toxic mix of worsening inflation and a U.S. economy slowing because of households afraid to spend due to the global trade war.
The S&P 500 dropped 2% for one of its worst days in the last two years. It thudded to its fifth losing week in the last six after wiping out what had been a big gain to start the week.
The Dow Jones Industrial Average sank 715 points, or 1.7%, and the Nasdaq composite fell 2.7%.
Lululemon Athletica led the market lower with a drop of 14.2%, even though the seller of athletic apparel reported a stronger profit for the latest quarter than analysts expected. It warned that its revenue growth may slow this upcoming year, in part because “consumers are spending less due to increased concerns about inflation and the economy,” said CEO Calvin McDonald.
Oxford Industries, the company behind the Tommy Bahama and Lilly Pulitzer brands, likewise reported stronger results for the latest quarter than expected but still saw its stock fall 5.7%. CEO Tom Chubb said it saw a “deterioration in consumer sentiment that also weighed on demand” beginning in January, which accelerated into February.
They’re discouraging data points when one of the main worries hitting Wall Street is that President Donald Trump’s escalating tariffs may cause U.S. households and businesses to freeze their spending. Even if the tariffs end up being less painful than feared, all the uncertainty may filter into changed behaviors that hurt the economy.
In his first term, the extremely negative market signals may have persuaded Trump to abandon some of his nuttier policy goals. But evidently a president who cannot constitutionally obtain a third term has difference incentives.
At least the administration has a well-honed message for the critical voters who supported Trump because he would be better for their bottom lines:
"Your retirement account is only down 5.5%, that's not a lot" sounds like excellent messaging and I strongly encourage Fox News and Republicans to double down on it.
[image or embed]— Jacob T. Levy (@jacobtlevy.bsky.social) March 28, 2025 at 1:46 PM
Well, if recent history has taught us anything, it’s that the marginal American voter is willing to endure a downgrade in their cost of living cheerfully, and that probably goes double when they’re being asked to sacrifice for abstract ideas even their proponents do not seem to understand. In unrelated news, what’s happening with Elise Stefanik’s confirmation hearing?