With fears of a recession after a weaker than expected jobs report, Dow futures plunged overnight by 1,200 points. The US stock market, which went live moments ago, is already plunging by a similar amount in real time:

 
Here’s the report from CNBC:

U.S. stock futures sharply fell on Monday as part of a global market sell-off centered around U.S. recession fears. Japan’s Nikkei 225

plunged 12% in its worst day since the 1987 Black Monday crash for Wall Street.

Here’s where U.S. stock market futures stand at the moment:

• Dow Jones Industrial Average futures
• dropped 1,285 points, or 3.2%, following a 611-point loss on Friday.
• S&P 500 futures
• are down 4.4% after the benchmark lost 1.8% on Friday.
• Nasdaq-100 futures

• lost 5.7% as big tech stocks got hit hard in early trading.

If the Dow was to follow through on that decline, it would be the first 1,000 point decline since September 2022.

Fears of a U.S. recession were the main culprit for the global market meltdown after Friday’s disappointing July jobs report. Investors are also concerned that the Federal Reserve is behind in cutting interest rates to bolster an economic slowdown, with the central bank choosing instead to keep rates at the highest in two decades last week.

Last night and this morning, President Trump said on his Truth Social account that he had warned of the economy tanking:

How did The Hill report Trump’s first post from last night? “Former President Trump on Sunday night appeared to gloat in response to the global market selloff and suggested his Democratic rivals were to blame.”

He appeared to gloat? They just hate him. No, he’s saying the economy is tanking under Biden and Kamala’s leadership and it was entirely predictable.