Political analysts and observers ridiculed President Donald Trump on Wednesday night as the stock market shed more than $550 billion in market capitalization following his national address about the Iran war.
Trump spoke for the first time since the war in Iran began five weeks ago, an operation that has sent global energy prices skyrocketing because the Iranian regime effectively closed the Strait of Hormuz, which accounts for 20% of the global energy trade. During the speech, Trump said the U.S. was nearing completion of its objectives, and he called on other countries to help open the Strait of Hormuz.
Futures for the three major U.S. indices sank after Trump’s speech. The S&P 500 was down 1.1% by the end of the speech, which accounted for roughly $550 billion, the Kobeissi Letter reported.
The NASDAQ had shed 1.3%, and the DOW lost nearly 1% by the end of the speech as well.
Political analysts and observers shared their reactions on social media.
“Yeah, that speech was definitely not what the markets were hoping for,” conservative analyst Charlie Sykes posted on X.
“Didn’t work,” Curt Mills, a New York Times contributor, posted on X.
“That address seems to have helped,” investor Jason Calacanis posted on X.
“Retiring off the cash I took out of the bank to play poker during the all-star break and haven’t gotten around to putting back,” Adam Scherer, vice president of EndGame Syndicate, posted on X.
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