People criticized Sean Ono Lennon on X as being selfish compared to his father, John Lennon.
“Can someone from this administration please address the stock market meltdown? Usually we get a little talk, a little reassurance. I think we deserve it,” the musician initially wrote in his tweet.
A user replied to him, “Sean Lennon is the exact opposite of his father. He’s worried about his own millions rather than the good of the country.”
“Maybe no one has explained to you that an entire generation’s retirement money is in the stock market,” Sean explained. “A generation too old to work to make up for it. So being concerned about that is very normal. (I hear a mystified echo resonating inside your empty head).”
Global stocks fell sharply over the weekend due to worries about the US economy. On Monday, major US indexes dropped significantly: the Dow Jones fell over 1,000 points, and the S&P 500 and Nasdaq each dropped more than 3%. This followed a big drop in Japan’s Nikkei index and struggles in European markets.
People are wondering if this could be a major crash like in 1987 or the 2008 financial crisis, or just a normal market dip after strong returns. Volatility increased after the US Federal Reserve hinted at cutting interest rates. This was first seen as positive but later thought to signal economic trouble. Economic data and the Sahm Rule, which predicts recessions, are increasing these worries.
“It’s fair to classify it as an unwinding of positioning but my view is that it’s hard to extrapolate too strongly into the future from one month of economic data,” said Nick Healy from Wilson Asset Management in Sydney.
The CBOE Volatility Index went above 65, a level not seen since the pandemic and similar to the Global Financial Crisis. The S&P 500 fell 3% and the Nasdaq dropped 3.43% on Monday. These losses were big but not as bad as expected, which gives hope it might not turn into a major crash. Even with these drops, both indexes are still up over 9% since January.
You can check out Sean’s tweets below.
Can someone from this administration please address the stock market meltdown? Usually we get a little talk, a little reassurance. I think we deserve it.
— Seán Ono Lennon (@seanonolennon) August 6, 2024
Maybe no one has explained to you that an entire generation’s retirement money is in the stock market. A generation too old to work to make up for it. So being concerned about that is very normal. (I hear a mystified echo resonating inside your empty head).
— Seán Ono Lennon (@seanonolennon) August 6, 2024
