On Monday, August 5th, 2024 there was a dramatic drop in the stock market worldwide, and the internet responded to the situation in the way it knows best: by turning it into a meme.
A lot happened in the stock markets worldwide on August 5th, 2024, from the Dow Jones Industrial Average dropping 951 points (2.4%) to the Nasdaq Composite dipping 3.1% and the S&P 500 going down by 2.7%, according to the latest news by CNBC.
Farther afield, Stoxx 600 in Europe fell by 2.4%, and “[the] Indian rupee fell to its lowest point on record on Monday, closing at 83.8450, down 0.1% from the last session,” per a New 18 report.
It looks like the main cause of this sudden drop in the stock market is led largely by the July jobs report and people’s fears that another U.S. recession is on the horizon.
So why the stock market crash memes? People did what they do best when faced with a crisis and turned to memes about the situation on social media. On X, formerly known as Twitter, many people have taken popular culture references and applied them to the situation at hand.
11. @truth_enjoyer used the "don't worry about it babe" text template to answer "what's going on with the stock market?".
12. “This market is SO brat,” wrote @jarvis_best, referencing the Charli XCX/Kamala Harris meme.
13. @alifarhat79, used the James Franco 'First Time?' meme to compare what is going on with the market right now to the start of the Great Depression.
14. “FinTwit be like,” writes @SMTuffy, sharing a Be Honest meme about why they think “The Fed” needs to cut rates.
15. And finally, @tunguz tweeted, “What can be, unburdened by what has been.”
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