'Kamala crash': Trump warns of 'Great Depression of 2024' as markets tank

Major stock indices tumbled Monday morning, with the Dow Jones Industrial Average, S&P 500, and NASDAQ Composite all opening significantly down.

By Ben Whedon

Published: August 5, 2024 10:20am

Former President Donald Trump on Monday warned that markets would not respond positively to the prospect of a White House led by Vice President Kamala Harris.

Major stock indices tumbled Monday morning, with the Dow Jones Industrial Average, S&P 500, and NASDAQ Composite all opening significantly down. The NASDAQ closed in correction territory on Friday following a weak jobs reports.

"Of course there is a massive market downturn. Kamala is even worse than Crooked Joe. Markets will NEVER accept the Radical Left Lunatic that DESTROYED San Francisco and California, as a whole," Trump posted on Truth Social. "Next move, THE GREAT DEPRESSION OF 2024! You can’t play games with MARKETS. KAMALA CRASH!!!"

"VOTERS HAVE A CHOICE — TRUMP PROSPERITY, OR THE KAMALA CRASH & GREAT DEPRESSION OF 2024, NOT TO MENTION THE PROBABILITY OF WORLD WAR lll IF THESE VERY STUPID PEOPLE REMAIN IN OFFICE. REMEMBER, TRUMP WAS RIGHT ABOUT EVERYTHING!!!" he added.

The faltering financial markets and weak job growth could conceivably lead the Federal Reserve to review adjusting interest rates in a bid to stabilize the situation, but the board is not set to meet until next month.