The stock market continues to go gangbusters, so MRC Business thought it would be worth revisiting one of CNN’s dumbest End-of-the-World predictions about the Trump presidency to date.
The Wall Street Journal reported June 27 that the S&P 500 and the Nasdaq Composite indexes both hit record highs after the open on June 27. The newspaper summarized that “investors increasingly discounted the economic threat posed by the trade war and Middle East instability.
The gains mark a historic rebound from April's tariff-driven turmoil.” Specifically, the S&P 500 added 0.6 percent to 6,177.14 while the Nasdaq spiked 0.5 percent to approximately 20,218, as CNBC noted, which called the S&P 500 rebound from its April lows “remarkable.”
The timing is certainly remarkable, given that it was on April 22 when CNN Business Executive Editor David Goldman went on an unhinged rant about the supposed destruction President Donald Trump was supposedly unleashing on the stock market. “Trump’s stock market is throwing off some jaw-dropping statistics. How extraordinary? We’re now making comparisons to the Great Depression,” Goldman spewed, channeling CNBC Mad Money host and “Prophet of Oops” Jim Cramer.
Reading Goldman’s sensationalist anti-Trump blather now in the face of the historic stock market news is like parody. “American financial markets are sounding all sorts of alarm bells that one day in the green can hardly overcome,”cried Goldman. “That’s because investors have been sending a clear message: President Donald Trump’s trade war is making America an unsafe place to invest.”
Well, apparently investors don’t agree. As The Journal reported further, “Also fueling investors’ optimism, said Michael Antonelli, market strategist at Robert W. Baird, are expectations of lower rates alongside decent corporate profits.” Antonelli told the newspaper that “‘Earnings reports were fine and guidance was fine and that’s enough for the market.’” But in Goldman’s world in April, “Trump has a long way to bounce back to avoid history.” Clearly, “a long way” just meant a couple of months, as CNBC concluded:
At its low in April, the S&P 500 was down nearly 18% for 2025. The benchmark then began a stunning comeback after Trump walked back his stiffest tariff rates and the U.S. began negotiations for trade deals.
The only “Great Depression” at play here is emanating from the broken brains of CNN editorial leadership not being able to make any Armageddon-like predictions about Trump stick.