In a stunning twist, even Fox News — long considered one of Donald Trump’s staunchest media allies — has begun openly criticising the former President’s economic handling. The network’s anchors haven’t held back, pointing to chaotic messaging and deepening market volatility as signs of a worsening crisis.
The criticism came after a dramatic plunge in US stock markets on Monday, fueled by escalating trade tensions and growing fears of a potential federal government shutdown — raising alarms that the economy may be teetering toward a recession.
During a live segment, one Fox News anchor remarked on the growing confusion within the administration:
“And when you’ve got different people in the administration sending mixed signals — the Commerce Secretary saying one thing and the President saying something else on the same day — that’s not giving the market any kind of ease. Investors are already on edge. Honestly, I wouldn’t be surprised if we see an even bigger crash. The market’s come back 50 points, but let’s keep some perspective — we’re still 1,500 points below where it was when Donald Trump took office. That’s not a good look.”
The selloff that had begun the previous week intensified, gathering steam throughout the session. All three major US stock indexes suffered steep losses. The S&P 500 endured its biggest one-day drop since December 18, while the tech-heavy Nasdaq tumbled 4%, marking its sharpest single-day decline since September 2022.
The S&P 500, already reeling from its worst weekly performance since September, now sits 8.6% below its record high, reached just a few weeks ago. On Thursday, the Nasdaq officially entered correction territory, falling more than 10% from its December 19 peak.
Despite mounting market concerns, Trump remained tight-lipped on Sunday regarding the negative impact of his erratic tariff policies and whether his unpredictable economic moves could push the weakening economy into a full-blown recession.
On Monday, the market turmoil deepened. US stocks plunged, bitcoin nosedived, and Wall Street’s fear gauge hit its highest level, according to CNN. The selloff began right from the opening bell, with all three major indexes opening sharply lower. Although a brief afternoon rally offered momentary relief, it wasn’t enough — the Dow ended the day down 890 points, having dropped over 1,100 points at its lowest. The S&P 500 fell 2.7%, while the Nasdaq shed 4%.
It marked the Nasdaq’s worst single-day drop since September 2022, while both the Dow and S&P 500 recorded their worst trading day of the year. The brutal selloff wiped out the gains made since the US presidential election in November, turning what had been a rally into a sharp downturn.
The primary trigger: growing unease over the economic fallout from Trump’s aggressive tariff stance. In an interview aired Sunday on Fox News’ “Sunday Morning Futures With Maria Bartiromo,” Trump refused to dismiss the possibility of a recession, calling the current economic turbulence “a period of transition.” When asked if he expected a recession this year, Trump replied, “I hate to predict things like that. There is a period of transition because what we’re doing is very big.”
Tech stocks bore the brunt of the collapse, dragging the broader market down. The S&P 500 closed 8.6% below its February 19 high, as major tech names like Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla all ended the day deep in the red.
Anthony Saglimbene, chief market strategist at Ameriprise, said Trump’s vague remarks and refusal to rule out a recession “unnerved investors who were already on edge.”
Yet despite the market chaos, the White House doubled down. In a statement Monday, spokesperson Kush Desai said Trump was poised to spark “historic” growth in a second term. “Since President Trump was elected, industry leaders have responded to his America First agenda with trillions in investment commitments,” Desai claimed, touting job creation, wage growth, and deregulation as hallmarks of Trump’s economic policy.
Meanwhile, Tesla — one of the hardest-hit stocks — dropped 15.4% on Monday alone. Although Tesla shares had surged following the November election, they’ve since plummeted nearly 45% this year. The decline has been amplified by backlash over CEO Elon Musk’s prominent role in Trump’s administration and slumping European sales.
With agency inputs