The Point, 6.6.26: Main Street bumps Wall Street, but not for long
The real economy shows signs of catching up with the shareholder economy.
President Trump is perplexed. Hiring picked up in April, showing underlying strength in the economy. Yet stocks sold off. WUT?!
“With a great jobs report, stocks should go up, not down,” Trump wrote on social media. “That’s the way it was for 200 years.”
200 years! 😂 Trump has some memory! Except that’s not the way it was for 200 years, or even for two years.
If you think stocks only go up, you might have found the recent selloff jarring. The S&P 500 index dropped by 2.6% from June 4-5, while the NASDAQ dumped 4.2%. The storied semiconductor sector that’s been driving most of this year’s gains dove by 8% in just two days.
Trump aside, it all makes sense.
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