Sell-off in technology shares hits Nasdaq, as political tensions increase.
Wall Street reported a sharp drop in tech stocks as investors sought to dump some of their stocks in favor of “safe” bets like gold and foreign currency. The reason? North Korea’s foreign minister announced that Trump had actually declared war against the country, a point that the White House now denies. Unfortunately, the tenor and frequency of his online rants can easily be taken as aggressive threatening, even without a formal declaration of war.
What North Korea – and quite possibly Trump himself, as well as a significant number of US citizens – may not know is that the US president cannot declare war, only Congress can. The president can, however, mobilize US troops and even engage in battle, something that seems more and more likely the longer the tweets hit the fan.
That didn’t stop Wall Street from taking the hit, though. Under these circumstances and with North Korean nuclear tests aimed at Japan, too many investors are ditching their tech stocks rather than riding out the Twitter storm.
The Twitterer-in-Chief has been blasted for nearly a year for the the content of his social media activity, namely his insistence on venting via Twitter. But his recent tirades against both athletes who #takeaknee during the US national anthem and the current tensions with North Korea may have reached an all-time low for divisiveness and potential conflict.
Social media users are literally begging the president to put down the smartphone and get to work on the dire situation affecting Puerto Rico (far too many Americans do not realize that the people of Puerto Rico are actually US citizens, and they’ve been without electricity, food, and clean drinking water for days), and the ongoing angry White House tweets concerning the peaceful protests by professional sports players has reached embarrassment-level news. But it’s the constant taunting of North Korea and its threats of military action that have now affected daily life in the US.