The stock market is having a bad case of the Mondays

Stocks Are Down, but Don't Call It a Crash

(NYMag) -- The stock market, which ended the week in a particularly unpleasant fashion after worries about China's economic future reached a fever pitch, has not seen its fortunes improve on Monday. The Dow Jones Industrial Average dropped 1,000 points as soon as the day began -- although it managed to rebound a little shortly after -- and many European stock markets saw the worst day of trading in years. The Shanghai Composite Index plummeted by more than 8 percent, basically erasing the gains it had made this year. Altogether, according to the New York Times, nearly $10 trillion has evaporated from the markets since June 3.

Why Jim Cramer says tomorrow may be better:

Cramer: Tomorrow May Be Better

The financial whiplash has many wondering whether the Federal Reserve is actually about to raise interest rates in September. According to the Times, "Futures markets are increasingly betting that the Fed will indeed hold off to assess the damage to the economy, if any, from the latest global financial strains. On Monday, the market priced in a 24 percent chance of a rate increase in September, compared with a 48 percent chance just a week ago."

If you're looking for something positive in all these dizzying drops and losses, NPR points out that gas and food prices are down -- but also that scary-looking 401(k)s and headlines might not encourage people to buy them. Right now, everything is uncertain -- is this the sign of something serious, as Larry Summers warns, or simply the stock market making amends with reality? -- and many argue that means that you definitely should not not let emotions get to you, and stay far away from the retirement savings. Donald Trump advises that this news means you should definitely vote for him.

The only thing that is definitively booming at the moment is the market for photographs of very worried people staring at stock numbers.

See reactions to Black Monday on social media:

Black Monday stock market reaction on social media
See Gallery
The stock market is having a bad case of the Mondays
Don't panic. Hold your nerve. Sweat it out. Etc. Jeez. #BlackMonday
It's a good day to own nothing #blackmonday
Funny to call it #BlackMonday when entire market is in the red.
#BlackMonday Stock market crashing bigtime - just bought entire Exxon Corporation for $572. Want me to name an oil well after you?
#BlackMonday Is there a stock I can buy that is responsible for red fonts?! That seems like a winner today.
Since many working Americans don't have "portfolios" and spend everything they earn this is just another underpaid Monday. #BlackMonday
We're going to need a lot more panda cub pix on Twitter to offset this China despair (some calling it #GreatFallOfChina)
What TD Ameritrade is trying to tell everyone trying to access their accounts right now. #BlackMonday
Shockwaves from #BlackMonday pushing Australia 1000s of miles northwards. Expected to hit Alaska by close of markets.
When a system is completely built on gambling, a day of giant loses is to be expected. #BlackMonday
Right before #NYSE opening bell. #BlackMonday
Even Neopets is getting hit hard by #BlackMonday
Fair to say that ex-Gordon Brown advisor @DPMcBride is somewhere between "nervous" and "concerned" #BlackMonday
To everyone losing money this #BlackMonday just remember....theres always money in the banana stand ;)
The irony is that many of these stocks probably need to go much lower before they can be considered a ‘bargain.’ #BlackMonday
You know it's going to be a bad day for stocks when #BlackMonday is the top trend in the U.S. and the markets don't open for 2 more hours.
Candid snap shot of Wall Street. #BlackMonday
Who put Lord Grantham in charge of the stock markets? #BlackMonday
I love when the stock market crashes and every news article shows a picture of a rich white man in distress #BlackMonday
World markets suffering from severe depression symptoms.No positives,no future,Neg cycle.Will the markets commit suicide #greatfallofchina

The stock market's worst days ever:

The Stock Market's Worst Days Ever
More from NYMag:
Deez Nuts endorses Bernie Sanders, John Kasich for primaries
Scott Walker clarifies his third position on birthright citizenship
Rand Paul won't have to give up his Senate seat to run for president
Read Full Story
  • DJI27037.30-73.50-0.27%
  • NIKKEI 22521960.71-40.61-0.18%
    Hang Seng26754.12-36.12-0.13%
  • USD (PER EUR)1.11-0.0021-0.19%
    USD (PER CHF)1.00-0.0030-0.29%
    JPY (PER USD)108.210.10200.09%
    GBP (PER USD)1.25-0.0027-0.22%