Bidenomics, it seems, is finally having an impact. But it’s not what the Biden administration, or whoever is running things now that No-Show Joe appears to be disengaging, was hoping for. There are a couple of events here that aren’t looking good, economy-wise.
First, the stock market selloff.
U.S. stocks are having the worst session since 2022 after a string of weak economic reports jolted investor fears that a recession may be brewing.
All three of the major benchmarks are down well over 2% with the Dow Jones Industrial Average, off nearly 1,000 points midday before trimming some losses. All 11 of the largest S&P sectors were also in the red.
The tech-heavy Nasdaq Composite is nearing a correction, down 10% from its peak reached in July of 18,647.
And:
Consumer discretionary stocks were down over 4% with declines in Walmart and Target as well as Amazon, which told investors that…
