Expert Say Harris Responsible For Recent Crash

Billionaire investor Ken Fisher suggested on Wednesday that Vice President Kamala Harris’s sudden entry into the presidential race contributed to the market downturn due to the uncertainty it created.

On Monday, the Dow Jones Industrial Average dropped by 2.6%, the S&P 500 fell by 3%, and the NASDAQ declined by 3.43%, following a disappointing jobs report on Friday that heightened fears of a U.S. recession.

Speaking on “Your World With Neil Cavuto,” Fisher noted that Harris’s unexpected decision to join the presidential race, making it more competitive than when it was solely between President Joe Biden and former President Donald Trump, added to the economic uncertainty driving the downturn.

“There’s always the fear of the Fed doing something stupid … they almost always do something stupid. And then there was the fear of the yen carry trade. There’s all the newness about Harris as the presidential nominee,” Fisher said. “On and on and on … What about Iran adventurism? You can go on and on with fears. The fact of the matter is that corrections always have abundant fears that end up being shown afterwards to be false factors. And fear of a false factor is always bullish because it’s in the market price now. The fact is, when you’ve been as strong as we’ve been for as long as we’ve been in the stock market, it doesn’t take much to get people going.”

Fisher later added that Biden’s decision to step down from the 2024 race may have impacted the market in a negative way.

“So, this year, unlike most, it was just generally presumed at the beginning of the year that it would be Biden versus Trump. And the fact of the matter is that took a fair amount of uncertainty off the table early,” he added later. “We had unusually low uncertainty because normally you got all the contentious primaries and hoopla hoopla. We knew these two men so well compared to any two that have run before each other. And I’ve said that on your show before there was less to get frittered about. Now that Harris is a new and polls have tightened and … there’s more to worry about, so uncertainty’s up.”

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