The tariff-induced market mayhem isn’t over just yet.
US stock futures plunged Sunday evening after two sessions of sell-offs that wiped away over $5.4 trillion in market value. Stocks were set to open sharply lower Monday, putting the S&P 500 on the precipice of a bear market — a decline of 20% from its peak and an ominous sign for investors and perhaps the broader economy.
Dow futures were down 1,250 points, or 3.3%. S&P 500 futures fell 3.7%, while Nasdaq futures tumbled 4.6%. Asian markets tanked: Japan’s Nikkei fell 8% at the open.
The price of US oil fell more than 3%, sinking below $60 a barrel for the first time since April 2021. Oil prices have been in a freefall as investors fear tariffs could plunge the global economy into a recession that would sap demand for flights, shipments, transportation and travel — all activities that require fuel.
Bitcoin joined the declines, too — falling 5.6% to $78,736.93. Bitcoin had surged above $100,000 shortly after Trump was elected in the hopes that he’d help boost support for cryptocurrencies.
In fairness, Bitcoin is worthless to begin with. So it didn’t really lose anything.
Bitcoin really hasn’t fallen that much. When it drops below 50k, you can talk.
Tell that to the people who own it. They might have a few choice words in response. Everything has the value it has because people are willing to pay it. No difference between a Porsche, a simple house, an iPhone, a share of any company, or one bitcoin.
The value of anything is what someone is willing to pay for that thing.
Yeah!! A house only has speculative value! There’s no fundamental value in a house! Just like bitcoin, if you can’t sell your house, it’s worthless!
… .what do you mean, “a place to live in”?
Just because someone buys shit doesn’t make shit valuable.
Yeah, it kind of does.
theres a difference between price and value. the price is what the market is willing to pay. value is what justifies the price. bitcoin has no fundamental value. a house is worth the net present value of all future rents, against maintenance and taxes etc.