Fox Business Network host Stuart Varney was stunned when the stock market dove 350 points in the opening few seconds of trading — seconds after he predicted lots of “red ink” ahead of President Donald Trump’s big tariff announcement.
The biggest round of Trump tariffs yet is expected to hit on Wednesday — what Trump calls “Liberation Day,” but the stock market appears to view more as Judgment Day. Trump will make the announcement at 4 pm, after markets close, at a Rose Garden photo op billed as a “Make America Wealthy Again” event.
On Wednesday’s edition of Fox Business Network’s Varney & Co, Varney counted down to the opening by predicting “they’ll clap, they will cheer, they press the button and I’m afraid it’s going to unload a lot of red ink as we wait for those tariffs.”
But Varney still didn’t seem prepared for the steep drop that occurred seconds later:
STUART VARNEY: All right, 20 seconds to go to 9 o’clock, to 10 o’ clock rather, and actually, sorry to 9.30, I can’t even read the prompter, okay 10 seconds now, the bell will ring, they’ll clap, they will cheer, they press the button and I’m afraid it’s going to unload a lot of red ink as we wait for those tariffs and the announcement at 4 p.
m. Eastern this afternoon.Here we go, we’re off, we are running, we’ve started and we’re opening in the red big time!The Dow Industrial is, in the first few seconds of business down 350 points! That’s 0.84%! You’re back to 41,600.The S&P– Oh, look at that, there’s the Dow, 30, I see two winners, that’s your lot. 28 losers, two winners. Plenty of selling.The S&P 500 is down 50 points, exactly 1%.The Nasdaq Composite down 241 points, 1.3%.Show me Big Tech, please. How are they doing with everything else down? They’re all down!Apple, Microsoft, Alphabet, Meta, Amazon, all in the red, significantly so.
Watch above via Fox Business Network’s Varney & Co.