The U.S. stock market has taken another hit, with futures plummeting sharply on Sunday evening as markets continued to signal a sell-off in the wake of President Trump’s massive tax overhaul plan.
The drop in stock prices comes as investors scramble to adjust their portfolios ahead of the expected announcement of the tax bill by mid-December. The proposed legislation is designed to reduce corporate taxes and simplify the tax code, but many experts believe it could have a significant impact on the economy.
Jim Cramer, co-founder of TheStreet.com and a well-known stock market expert, warned that the current sell-off could be the start of a new “Black Monday” – a reference to the infamous stock market crash in 1987 that saw the Dow Jones Industrial Average plummet by over 20% in a single day.
“We’re seeing a lot of panic selling going on here,” Cramer said in an interview. “People are realizing that this tax bill could have some serious consequences for the economy, and they’re trying to get out before it’s too late.”
The drop in stock prices has been particularly steep among technology stocks, with many major players such as Apple, Google, and Amazon seeing their shares tumble by over 10% in a single day.
Despite the uncertainty surrounding the tax bill, some investors remain bullish on the market. “This is just a correction,” said one analyst. “The long-term fundamentals of the economy are still strong, and I expect the market to bounce back once the dust settles.”
However, others disagree. “We’re seeing a lot of red flags here,” said another expert. “The tax bill could lead to increased debt, reduced consumer spending, and even trade wars – all of which could have a devastating impact on the economy.”
As the market continues to grapple with the implications of the tax bill, investors are left wondering what’s next. Will the sell-off continue, or will the market bounce back once the dust settles? Only time will tell.
