A global stock market crash started off with Dow Jones and S&P Futures falling 3.5% and 4.2% respectively on Sunday. The future for the Nasdaq lost 5.3%. Japan’s share benchmark nosedived on Monday after last week’s meltdown over President Donald Trump’s tariffs announcement. This comes as market analyst and CNBC show host Jim Cramer warned investors about a Black Monday-like crash on April 7.
On Monday, Tokyo’s Nikkei 225 index lost nearly 9% shortly after the market opened. An index of Japanese bank stocks plunged as much as 17%. The Nikkei hit 30,792.74 for the first time since October 2023. The broader Topix sank 8% to 2,284.69. Earlier in the day, trading in Japanese futures was suspended due to the market hitting circuit breakers.
China’s CSI300 blue-chip index fell 4.5%. Hong Kong’s Hang Seng index was down 8% in early trade. Alibaba and Tencent were down more than 8%. Singapore stocks plunged more than 7%.
Read More: Dow Jones Futures tumbles 1500 points, Russell 2000 down 7% amid Black Monday fears
Australian blue-chip stocks, S&P/ASX 200, sank 6.07% at the open. A benchmark index of the island country’s largest 200 listed companies tumbled about 6%.
In South Korea, the Kospi index fell 4.34%, and the small-cap Kosdaq dropped 3.48%. Hong Kong’s Hang Seng index futures were at 22,772.
Over in Europe, stock futures slid rapidly in the regional market’s first week since the COVID-19 pandemic (March 2020). Euro Stoxx 50 declined as much as 4.6% and Germany’s DAX futures were down 5%. Indexes in Italy, France, Switzerland, and Germany also slid into correction territory, Bloomberg reported, further adding that banks were hit the most.
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Black Monday coming?
Speaking on his show Mad Money, analyst Jim Cramer said that if Trump did not reach out to countries that have not slammed the US with retaliatory tariffs, there could be a 1987-like situation.
“If the president doesn’t try to reach out and reward these countries and companies that play by the rules, then the 1987 scenario… the one where we went down three days and then down 22% on Monday, has the most cogency. We will not have to wait too long to know. We will know it by Monday,” he said last week.
