Mark Cuban Sends Major Warning on U.S. Economy
The U.S. stock market has been experiencing turbulence since the announcement of U.S. tariffs last week, and April 8 was no exception. Stocks fell, once again, ahead of the U.S.'s next tariff deadline that will have a cumulative tariff of 104% put on China.
The Dow Jones Industrial Average went down 320.01 points, or 0.84%, and closed at 37,645.59, making its four-day loss total more than 4,500 points. Apple was one of the biggest losses, due to the company's costs set to spike with new China tariffs.
The S&P 500 was down 1.57% to end at 4,982.77. It was very close to closing in a bear market and is down almost 19% from its February record. The S&P 500 also closed the trading session below 5,000 for the first time since April 2024.
The tech-heavy Nasdaq Composite went down 2.15%, closing the day at 15,267.91. It went up 4.5% earlier in the day but couldn't sustain the gains. In the past four trading days, the Nasdaq has gone down more than 13%.
Billionaire Mark Cuban, and Shark Tank star, knows a few things about finances. In a message posted on the social media site Bluesky on April 5, Coban gave his opinion on what the tariffs and government cuts could do to the U.S. economy.
"If the new tariffs stay in place for multiple years, and are enforced and inflationary, and DOGE continues to cut and fire, we will be in a far worse situation than 2008," Cuban posted on Saturday, responding to someone who asked him about the "worst case" economic scenario following the tariffs.
Of course, 2008 marked the worst financial crisis in America since the Great Depression, dubbed the "Great Recession," with financial systems faulting and banks collapsing.
New tariffs are set to go into effect right after midnight on April 9, in addition to the 10% baseline duty that began on April 5.
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