What The U.S. Looks Like Six Months After The COVID-19 Emergency

Week 26 of the Quarantine

SAN MARTIN, ARGENTINA – We are reminiscing, trying to recall what it was like – life before the internet. And before COVID. Before Tesla. Back when life was “normal.”

But remembering is like opening an old box of photos; you don’t necessarily find what you were looking for. Instead, you often find what you need to see.

And how we doom-and-gloomers suffered back then when life was “normal.” The U.S. budget was balanced (briefly). The country was at peace. We went to the office to work… and to stores to buy things.

It was so calm and tolerable; we only got through it by anticipating the tragedy ahead.

And we weren’t disappointed.

By our reckoning, the gaudy show began about 20 years ago. Since then, we’ve had bubbles… bailouts… bombs… and bumble-dumble leaders, who’ve caused nothing but trouble.

And now, it’s getting worse.

Massive Drop

But we’ll come back to that.

Let’s first look at the financial news. Tesla fell 21% yesterday… leading the market down. Even Zoom dropped nearly 5%. From CNBC:

Stocks fell sharply on Tuesday as another massive drop in tech put the Nasdaq Composite in correction territory and led to the S&P 500’s worst three-day stretch in months.

The Nasdaq Composite dropped 4.1% to end the day at 10,847.69. Tuesday’s drop put the tech-heavy Nasdaq down 10% over the past three days. It marks the Nasdaq’s worst three-day stretch since August. 

The Dow Jones Industrial Average plunged 632.42 points, or 2.3%, to 27,500.89. The S&P 500 slid 2.8% to 3,331.84. The broader-market index was down nearly 7% over the past three days, its worst three-day stretch since June.

September is typically a bad month for stocks. This one is shaping up to be no exception.

As to whether this selloff will continue, we have no opinion. Mr. Market can do what he wants.

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