Recession concerns gripped Wall Street and the world on Wednesday as the US stock market fell to its worst day of the year – with the Dow dropping 800 points – and spurring some visions of the Great Recession.
Liz Claman, the anchor of "The Claman Countdown" on the Fox Business Network, knew problems were brewing early. "I woke up at 5am to take a Peloton spin class and looked at my phone and saw that Germany's GDP had contracted in the second quarter," Claman told FoxBusiness.com hours after the market bath.
"I thought, & # 39; UH oh. It can't be good. & # 39;"
And it wasn't.
A reverse yield curve in the bond markets sent the day down rapidly, as this is often seen as an indicator of an imminent economic downturn usually within 22 months. Wednesday, for the first time since the Great Recession, interest rates ̵
Normally, the government has to pay higher interest to attract investors for their long-term bonds.
"Today was a perfect storm," declared David Asman, co-anchor of "Bulls & Bears" at FBN, "Germany announcing its economy receded after the UK collapsed; several riots in Hong Kong; reverse interest rate and the Trump administration talked about progress in trade. "
All day while red arrows lit on the TV screen signaling a spiraling downward market, Charles Payne, anchor of FBN's" Making Money ", knew the decline would be bad, but said after the closing," I didn't think 800 Dow points, but I knew it would be triple digits. "
During the day, guests showed up at FBN offering theirs on when and how the market may falter. "I had good guests with many different opinions on why to sell and when people should buy, but no one believes volatility is over," Payne added.
On days like Wednesday, Claman said she knows all games are off.
“The last two weeks have been very difficult to assess, but equally fascinating. One day a big fall, the next, a big bullish kind, especially in the last hour of trading. "
Claman added that the wild market fluctuations have kept her and her production team on the toes," our goal is to be on the news and when the markets shift underfoot, we have to roll with it. "
August has traditionally been a quiet time for the stock market. FBN's anchors think you can forget what's right this year." Guests think this is just the beginning of a really nasty month, "Asman said. Col. Payne does not disagree," Highlights: Stay together. "
CLICK HERE TO READ MORE ON FOX BUSINESS
Claman, who has been covering business news since 1998, gave her some experience.
" For many years summers were deadly. The trading volume dropped and it felt like no one was watching, "Claman said," This summer? It feels like every single day is the Super Bowl. You need to bring your A-game, your reflections must be at its most sensitive to capture every movement in stocks, bonds, derivatives, commodities, futures, and it's our job to make sure viewers are there with us on field.