Economy
U.S. Stock Markets Plunge in Worst Day Since 2022
U.S. stock markets experienced a massive drop by the end of the business day on Monday, marking one of the worst days for the market since 2022. The Dow Jones Industrial Average plummeted 1,034 points from Monday’s opening, a decline of 2.6%. The Nasdaq Composite lost 3.4%, and the S&P 500 dropped 3%, according to CNBC.
The sudden drop followed July’s labor report, which showed the U.S. economy added only 114,000 jobs last month. This figure fell significantly short of expectations and was accompanied by an increase in the unemployment rate to 4.3%, compared to 4.1% in June.
The Dow Jones had already closed 600 points lower on Friday, directly after the release of the jobs report. The Nasdaq Composite slipped into correction territory on Friday, which is defined as a market decline of more than 10% from a recent high.
Monday’s results mark only the 15th time the Dow has shed more than 1,000 points in a single session, according to FactSet data obtained by CNN. The market’s sharp decline reflects investor concerns about the slowing pace of job growth and rising unemployment, which could signal broader economic challenges ahead.
The disappointing labor report has intensified fears of a potential economic slowdown. Investors are now bracing for possible further declines as they reassess their expectations for the U.S. economy. The significant losses across major stock indexes highlight the market’s sensitivity to economic indicators and the prevailing uncertainty about future growth prospects.
As the week progresses, market participants will be closely monitoring economic data and corporate earnings reports for additional insights into the health of the U.S. economy.
Economy
FEMA Supervisor Claims Avoidance of Trump Supporters Was Not an Isolated Incident
Marn’i Washington, the former Federal Emergency Management Administration (FEMA) supervisor fired for instructing workers to avoid homes displaying Trump campaign signs, stated on Tuesday that the incident was part of a larger pattern of political bias within the agency. Washington, who previously served as a Disaster Survivor Assistance crew leader in Highland County, Florida, called the occurrence a “colossal event” that extended beyond Florida, affecting other states like North and South Carolina after hurricanes devastated the region.
According to the Daily Caller News Foundation, Washington’s comments came in an interview with journalist Roland Martin, where she described the practice as part of a broader trend within FEMA, alleging that it had occurred in multiple states, particularly in areas that had supported President Donald Trump. “If you look at the record, there is what we call a community trend,” Washington said, suggesting that FEMA’s actions weren’t isolated. “FEMA always preaches avoidance first and then deescalation. This is not isolated. This is a colossal event of avoidance not just in the state of Florida, but you will find avoidance in the Carolinas.”
Washington’s remarks stem from an incident in which her team, while canvassing for hurricane relief in Lake Placid, Florida, was instructed to avoid homes with Trump signage. According to reports, the move resulted in at least 20 homes with Trump-related signs or flags being skipped over for disaster relief assistance between late October and November. These actions were allegedly in line with a set of “best practices” that included safety tips alongside the politically charged directive to avoid Trump supporters.
Washington clarified that the guidance came from higher-ups in FEMA, including Chad Hershey, her supervisor, who reportedly instructed staff to bypass homes they deemed unsafe due to hostile encounters with residents. “We will canvass at [homes] that do not have the community trend with the Trump campaign signage,” Washington explained. “If any of those residents come outside and say ‘hey, I want to register,’ we’ll welcome them into our arms… But we were not going to subject our people to continue with verbal abuse or hostile encounters.”
The former supervisor emphasized that her team experienced verbal abuse from residents who displayed Trump campaign signs on their properties, leading to her instruction to avoid those homes entirely. Washington also mentioned that her team was instructed to log reasons for skipping homes, with notes like “Trump sign no entry per leadership,” “Trump sign, no stop Trump flag,” and “Trump sign, no contact per leadership” appearing in the records. These notes were reportedly made in Highlands County, a region where nearly 70% of residents voted for Trump.
The controversial directive came in the wake of Hurricanes Helene and Milton, which struck the area in October, leaving millions without power and causing approximately $50 billion in economic damage, as reported by President Joe Biden. FEMA has not denied the incident but has indicated it is taking steps to address the matter. Hershey confirmed to the Daily Wire that the agency was “aware” of the incident and is taking “immediate action.”
Washington’s firing has drawn attention to possible partisan practices within federal agencies. While she defended her actions as being in response to a difficult environment, she also criticized FEMA’s leadership for allegedly not addressing the broader issue of political bias within the agency. Washington’s claims have sparked broader questions about the extent of political influence in government disaster relief efforts and whether such biases might impact the fairness of assistance distribution in future emergencies.
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