‘Close to Panic’: Fox Business Guest Sounds Alarm on Looming Recession — Seconds Before Stocks Nosedive For Second Straight Day
Mark Mahaney is a senior managing director and heads Evercore ISI’s Internet research team. And seeing as he has covered internet stocks for over 25 years, he was a solid booking by Fox Business on what appears to be day two of a massive market sell-off following a controversial tariff policy announced earlier this week by President Donald Trump.
Mere moments before the opening bell rang, anchor Stuart Varney flatly asked his expert guest about market panic. While Maheney insisted that we aren’t at the full-blown panic stage yet, he did allow that we are “close to panic.”
“Do you see any panic yet?” Varney asked. “I mean, vigorous selling, I got that, but is it panic selling, in your opinion?”
“No, that could still happen,” Maheny replied. “I haven’t seen it yet. I guess it’s close to panic. But no, I wouldn’t say it’s panic selling. Look, we’re now in a kind of an official, we’re almost in an official bear market correction. We actually have not gotten there yet. You get into a bear market correction. So that’s about five more points down for indices like the S&P 500 and NASDAQ. Then you’d probably, that’d probably be the real sign of panic selling at 20% correction.”
“Do you believe we’re close?” Varney pressed.
“I think it’s now going to depend on the range of retaliations,” he replied. “But I don’t think we’ve heard everything yet in terms of those retaliations on the political scientists, but I just assume that we’re going to have to we’re gonna go the retaliation. So no, I don’t think we’re close.”
Seconds after the interview wrapped, the opening bell rang, and Varney had the tough task of telling his investment-minded viewers that a second straight day was starting with four-digit numbers in the red. Varney reported:
Right from the top, we’ve got the initial read, the Dow is down 950 points, that is 2.3%, that’s in the first few seconds of business. At the Dow 30, I see two winners, one unchanged, although maybe it’s not open yet, and the rest are down, they’re losers. The S&P 500 down 2.4%, a similar loss to the Dow. And the Nasdaq, though, again, a bigger loss than the other indicators, you’re down 3% there, 500 points. Big Tech down across the board. Google’s down 1.4%. Microsoft down almost 2%. Apple, look at that, back to 195. Meta is down 5% and Amazon is down 6.3%.
It’s not clear if this is a market correction, a massive sell-off, or something far graver. JP Morgan just announced that they now see the chances of a full-blown recession at 60%, which is certain to unnerve an already nervous market.
Watch above via Fox Business.
