Monday dawns, stock markets hold their breath
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Mumbai: Should investors worldwide brace for another 'Black Monday' - a reference to October 19, 1987, when stock markets around the world crashed simultaneously?
"If the President doesn't try to reach out and reward these countries and companies that play by the rules, then the 1987 scenario...the one where we went down three days and then down 22% on Monday, has the most cogency," Cramer said on his show.
A section of social media users was quick to dismiss Cramer's forecast, citing a history of bold calls that backfired.
US stocks have lost about $6.6 trillion in market value on Thursday and Friday in response to the higher-than-expected retaliatory tariffs imposed on imports. This was the biggest tumble for American stocks since 2020, when the onset of the Covid-19 pandemic roiled the international markets.
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That's what CNBC host Jim Cramer predicted late last week after two days of sharp selloffs on Wall Street, sparking a debate on social media on the likelihood of such an event following the tariff war unleashed by US President Donald Trump.
"If the President doesn't try to reach out and reward these countries and companies that play by the rules, then the 1987 scenario...the one where we went down three days and then down 22% on Monday, has the most cogency," Cramer said on his show.
On Black Monday, the Dow Jones Industrial Average in the US plunged 22.6% - the steepest one-day percentage drop in its history. The selloff was triggered by a mix of overvalued markets, rising interest rates and panic selling amplified by computer-driven trading. The stock market recovered most of the losses soon, following intervention by the US Federal Reserve.
A section of social media users was quick to dismiss Cramer's forecast, citing a history of bold calls that backfired.
US stocks have lost about $6.6 trillion in market value on Thursday and Friday in response to the higher-than-expected retaliatory tariffs imposed on imports. This was the biggest tumble for American stocks since 2020, when the onset of the Covid-19 pandemic roiled the international markets.
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