Arthur Hayes have asked if the market is on the verge of another Black Monday. Just before the markets opened in Asia, he asked, “Fam, are we repeating Black Monday?”
He pointed at the SPX futures which start trading at 6 AM, calling out Bitcoin’s silence over the weekend. It didn’t give traders no clear signal, making his warning hit harder.
Arthur Hayes calls the stock market crash
Cramer also likened the situation to the 1987 market crash. “If President Trump stays intransigent and does nothing to ameliorate the damage that I saw these last few days, I’m not going to be constructive here,” he said, predicting a market crash too. Trump’s head of the National Economic Council, Kevin Hassett, tried to clean things up on Sunday. “It is not a strategy for the markets to crash,” he said. “He’s not trying to tank the market. He’s trying to deliver for American workers,” he said, noting that the president is not trying to blow up the market.
But the damage had been hitting hard, with the S&P 500 crashing by 4% on Thursday. The Dow Jones also crashed 2,231 points on Friday alone. That represents a 5.5% drop, the worst single-day hit since June 2020. The Nasdaq got hit the hardest, falling 12% in just two days. It’s now officially in bear market territory.
Trump shared a video on April 4, with the TikTok video accusing the president of crashing the market on purpose. The video said, “Trump is crashing the stock market by 20% this month, but he’s doing it on purpose. … And it could make you rich.” Nobody from the White House denied the video’s claims directly. But Hassett repeated that it’s not Trump’s goal to wreck the market. That didn’t slow down the rumors. Wall Street traders were freaking out. Some rang up Treasury Secretary Bessent all weekend, asking if Trump might back off, but he noted that the president is not backing down.