Roethlisberger Who? Steelers Fans Dump Big Ben After Mason Rudolph Balls Out – CCN.com

When the Pittsburgh Steelers selected Oklahoma State quarterback Mason Rudolph in the third round of the 2018 NFL Draft, future Hall-of-Famer and All-Pro grouch Ben Roethlisberger welcomed him to the team by questioning why he was there at all.

“I was surprised when they took a quarterback because I thought that maybe in the third round, you know you can get some really good football players that can help this team now,” said Roethlisberger, whose favorite offseason pastime is publicly mulling retirement.

It only took 17 months for karma to catch up with him.

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It’s the Mason Rudolph era, baby! | Source: Joe Sargent / Getty Images / AFP

Roethlisberger, who had never started fewer than 11 games during his first 15 years in the league, suffered a season-ending injury during the Steelers’ Week 2 loss to the Seattle Seahawks, making – guess who? – QB-of-the-future Mason Rudolph the Steelers’ de facto QB-of-the-present.

Within hours, the Roethlisberger rumor mill had begun churning out the requisite will-he-or-won’t-he retirement takes. That’s not remarkable.

What is remarkable is how many Steelers fans appear ready to dump the six-time Pro Bowler and two-time Super Bowl champion in the trash bin following Mason Rudolph’s NFL debut.

Rudolph completed 12-of-19 passes for 112 yards, two touchdowns, and one interception. That earned him a 92.5 passer rating in his first-ever start, along with the undying affections of the Pittsburgh fanbase’s more fickle contingents.

Sure, I hand-picked those tweets to push a narrative, but they weren’t exactly hard to find, either. “Mason Rudolph” is trending, and it’s an all-out love-fest.

The “Big Ben” tag? You’d think the man had died.

I mean, it’s not like this is a ghost-of-Eli Manning/Daniel Jones scenario.

Before heading to the IR, Roethlisberger was 35-of-62 for 351 yards, no touchdowns, and 1 interception. He’ll end the season with a career-worst 20.8 QBR, according to data from Pro Football Reference. That’s not pretty, but it’s also a small sample size (And it sounds like his elbow was troubling him in Week 1).

After all, Big Ben did lead the NFL in passing yards (5,129) and set a franchise season record for passing touchdowns (34) in 2018, not that Steeler Nation remembers. Or cares.

It’s the Mason Rudolph era, baby, and Steelers fans will ride that train as far as it takes them, most likely toward the top of the 2020 NFL draft.

Last modified (UTC): September 16, 2019 8:58 PM

NBA 2K20 Pro Booted from 2K League for Gambling. Seriously. – CCN.com

In a hilariously ironic twist to the ongoing NBA 2K20 microtransactions scandal, a professional NBA 2K League player has been banned for violating the esports league’s gambling policy.

According to a statement posted on the 2K League website, Heat Check Gaming power forward Basil “24K Dropoff” Rose secretly provided inside information to an unnamed individual who was betting on 2K League games.

Basil ’24K Dropoff’ Rose Banned from 2K League Ahead of 2020 Season

While the announcement makes clear that Rose did not scheme to fix 2K League matches, he has now been disqualified from the esports competition ahead of its third season.

Per ESPN, Rose was a member of the Heat Check Gaming team that made it to the finals in the 2K League’s inaugural season in 2018, though the squad finished a disappointing 17th out of 21 teams during 2019.

“Heat Check Gaming believes in the spirit and integrity of competition,” the team said in a statement. “We stand behind the league and its ruling.”

As of Sept. 13, Rose no longer appears on Heat Check Gaming’s roster. His player profile has also been deleted from the league’s website.

An Ironic Twist to the NBA 2K20 Gambling Scandal

It’s hard to argue with 2K League’s decision to ban 24K Dropoff. The fledgling esports league – which is co-owned by the NBA and Take-Two Interactive – must take a firm stand against even the slightest association with improper gambling to maintain the competition’s integrity.

However, it’s hard to ignore the irony of gambling landing a 2K player in water, given that NBA 2K20 has been trashed for (allegedly) shamelessly encouraging gamers – including children – to develop a gambling habit.

The question of whether loot boxes constitute gambling remains a heated debate in the gaming industry, but NBA 2K20 – either to its credit or its shame – drops the charade entirely.

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Beyond filling its coffers with loot box microtransactions, the Take-Two Interactive title outright invites players to spend real money in a digital casino, complete with slot machines, a roulette wheel, and lottery-related terms like “jackpot.”

So Take-Two Interactive isn’t necessarily opposed to gambling, as long as you do it in the NBA 2K20 casino.

Last modified (UTC): September 13, 2019 6:02 PM

Dow Streaks to 3rd Straight Weekly Gain as Trump Turns Dovish – CCN.com

The Dow Jones Industrial Average looks poised to extend its daily winning streak to eight and record its third straight weekly gain, as the market basks in good vibes radiating from the US and China ahead of a new round of trade negotiations in the upcoming weeks.

Dow Makes It Eight in a Row

Wall Street’s three primary indices fought to advance on Friday, as the US stock market inches closer and closer to new all-time highs. The Dow Jones Industrial Average outperformed its peers, rising 57.26 points or 0.21% to 27,239.71.

Dow Inc. (+2.49%) and JPMorgan (+1.73%) led the index, while Boeing’s 1.06% rally helped offset a DJIA-worst 2% decline from Apple.

The S&P 500 clung to a 2.66 point or 0.09% gain, lifting the large-cap index to 3,012.30.

The Nasdaq rose during the morning session, but slid into decline around midday. At last check, it was down 7.02 points or 0.09% at 8,187.37.

The CBOE VIX continued to tick down in response to the relatively bullish mood in equities. The market’s “fear gauge” declined 0.48 points or 3.38% to 13.74.

Bond yields rose, lifting the 10-year US Treasury note to 1.886%.

Trump, Beijing Exchange More Goodwill Gestures

The Federal Reserve’s September policy meeting is just days away, but the market’s focus remains on positive developments unfolding ahead of the next round of US-China trade negotiations in early October.

Beijing and Washington continue to exchange gestures of goodwill in the weeks leading up to those face-to-face talks. Most recently, China announced that it would exclude certain US agricultural goods, including soybeans and pork, from new tariffs.

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That announcement, as CCN reported, followed President Donald Trump’s suggestion that the White House would agree to an “interim trade deal” that puts new tariffs on hold – and possibly rolls back some current ones – as negotiations between the world’s two largest economies continue. Trump also delayed the imposition of new tariffs on $250 billion of Chinese goods for an additional two weeks.

A JPMorgan note advised clients that investors appear to be pricing an interim trade deal into the stock market, so they shouldn’t expect confirmation of that limited agreement to launch the Dow much higher.

“This is quickly becoming the base-case assumption and thus it’s unclear whether stocks will react favorably to any future headlines simply confirming the likelihood of such a scenario,” said Adam Crisafulli, executive director at JPMorgan, in an excerpt of the note cited by CNBC.

By extension, the market could suffer investor backlash if Washington and Beijing fail to shake hands on an interim deal.

Strong Retail Sales, Consumer Sentiment Propel Dow Higher

Adding to Wall Street’s bullish mood was solid consumer data. The Commerce Department said that retail sales rose 0.4% in August, well above the consensus estimate of 0.1%.

Meanwhile, the University of Michigan’s consumer sentiment survey came in at 92. That reading not only represented an increase from August’s print of 89.8 but also exceeded the Dow Jones economist estimate of 91.

Click here for a live Dow Jones Industrial Average chart.

Last modified (UTC): September 13, 2019 3:53 PM

Dow Erupts Higher But ‘Big Short’ Investor Fears Market ‘Bubble’ – CCN Markets

By CCN Markets: The Dow erupted higher on Thursday, surging more than 275 points after Beijing – not President Trump – flinched ahead of a crucial trade war tariff deadline.

However, famed investor Michael Burry – who was played by Christian Bale in The Big Short – warns that a bubble is forming in a critical segment of the stock market: passive investing.

Dow Blasts Toward Phenomenal Rally

All of Wall Street’s major indices roared at Thursday’s opening bell. As of 10:10 am ET, the Dow Jones Industrial Average had gained 277.42 points. The 1.07% rally launched the DJIA to 26,313.52.

The S&P 500 jumped 32 points or 1.11% to 2,919.94. Nine of 11 primary sectors reported gains, led by energy.

The Nasdaq outperformed its peers, surging 111.81 points or 1.42% to 7,966.89.

The CBOE VIX, a measure of implied volatility, dropped 6.51% to 18.09, indicating relative calm in the market.

‘Big Short’ Legend Warns of Stock Market Bubble

The stock market sped toward a second straight mammoth recovery after China stunned Wall Street by declining to retaliate against President Trump’s latest tariff threats. Beijing also vowed to maintain a “calm attitude” and pursue a peaceful resolution to the trade war.

Those remarks triggered an immediate spike in Dow stocks, many of which have languished in no man’s land as the White House and Beijing took potshots at one another over the past several weeks.

But while trade war optimism spurred the market higher this morning, some investors fear that the meteoric rise of passive investing presents a long-term threat to the S&P 500 and other large-cap heavy indices.

Michael Burry, who raked in a windfall shorting the housing bubble, warns that the passive investing boom could lead to diminishing returns for investors since passive fund weightings lead to a glut of large-cap holdings in most portfolios.

“The bubble in passive investing through ETFs and index funds as well as the trend to very large size among asset managers has orphaned smaller value-type securities globally,” Burry told Bloomberg.

His advice? Buck the passive investing trend and go long on small-cap value stocks.

However, it’s not likely that investors will heed his advice, as most buyers have abandoned actively-managed funds in droves in favor of low-fee passive funds that track major indices like the S&P 500.

According to Moody’s, assets in passive US stock market funds will exceed those in actively managed funds by 2021.

Click here for a real-time Dow Jones Industrial Average chart.

Popeyes Chicken Sandwich Shortage Sparks Delicious Black Market – CCN Markets

When Popeyes launched a new chicken sandwich, few could have predicted that it could truly rival the mouth-watery goodness served up six days a week at Chic-fil-A.

Not even Popeyes – which announced on Aug. 27 that its new chicken sandwich is already sold out at locations throughout the US.

Luckily, Popeyes fans won’t have to quit the delicious new product cold turkey. You can still get your chicken sandwich fix – as long as you’re willing to buy them on the black market.

At prices way higher than advertised.

Popeyes Sandwiches Trade for $50 on the Black Market

The black market is all about supply and demand, and Popeyes chicken sandwich hoarders know that they’re sitting on a deep-fried gold mine.

If you live in the Washington, DC area, you can score two chicken sandwiches (one spicy and one regular) for $100. They were purchased on Aug. 26.

Worried they might be counterfeit? The seller promises they’re not.

“Receipt to verify authenticity,” the Craigslist posting reads.

That’s a lot of money, but it’s far from an outlier.

Fifty dollars per sandwich seems to be the going rate, and that’s what it will cost you to score one in Atlanta from this seller, who promises to deliver right to your door.

“Hurry limited supply,” the posting warns. “Get yours and satisfy your craving, curiosity, and most important of them all your HUNGER.”

Atlanta, incidentally, is where Chic-fil-A is headquartered.

Want a Cheap Chicken Fix? Head to San Francisco

Remarkably, one of the best black market deals on Popeyes chicken sandwiches can be found on the San Francisco Craigslist.

One Santa Clara-based scalper is selling the deep-fried goodness for just $10 a sandwich – 80% lower than comparable offerings on the East Coast.

The posting’s still live at press time, which means the seller still has sandwiches in stock. And doesn’t realize just how much they could sell for in a city where a 580-square-foot apartment will set you back $3,100 per month.

Wherever you live, you’d better act quickly. Black market prices won’t get any cheaper the longer the shortage lasts, and the chicken sandwiches won’t get any tastier the longer they sit in your dealer’s fridge.

Of course, you could always just go to Chic-fil-A – just not on Sunday.

Dow Spikes as Trump Teases New ‘Economy Boosting’ Tax Cut – CCN Markets

The Dow strung together its third straight triple-digit advance on Friday, seeking to end the week with a bang after President Trump teased a new tax cut that supporters say would grow the economy, extending the longest expansion in US history.

Dow Strings Together Third Straight Rally

Wall Street’s three most closely watched indices rose in tandem during the week’s final trading session. As of 10:36 am ET, the Dow Jones Industrial Average had gained 103.12 points, lifting the DJIA 0.39% to 26,465.37.

The S&P 500 rose 9.56 points or 0.33% to 2,934.14. Ten of 11 primary sectors reported gains. Materials outperformed with a 0.94% jump.

The Nasdaq added 9.18 points or 0.12% to reach 7,982.65. The tech-heavy index had cleared the 8,000-point level earlier in the session, only to pare most of its gains.

Trump Flirts With Capital Gains Indexing

Stocks continued to climb on optimism that the icy US-China trade negotiations are beginning to thaw, even as the White House moves ahead with plans to hike tariffs on Chinese goods.

President Trump is doing his best to keep the bullish times rolling despite the market’s disdain for tariffs.

This morning, Trump stirred investor appetites by teasing that he is considering a new tax cut that supporters say would bolster investment and boost economic growth: capital gains indexing.

Trump retweeted an op-ed written by Americans for Tax Reform President Grover Norquist and Senator Ted Cruz advocating for capital gains indexing, which would reduce capital gains taxes by adjusting the cost basis to account for inflation.

“An idea liked by many?” Trump tweeted.

By indexing capital gains to inflation, investors would retain more of their profits when they sell investments. Since capital gains after often reinvested (e.g., following dividend payments), indexing would immediately increase economic investment. That would juice the Dow and other stock market indices heading into a difficult reelection campaign.

It could also spur additional long-term investing by fattening after-tax profit margins.

“Over the longer term, a capital gains tax cut spurs the growth of new businesses, increases the wages of workers, enhances consumer purchasing power, and grows the economy at large, resulting in more overall gains to be taxed,” Norquist and Cruz wrote.

However, critics allege that capital gains indexing would exclusively benefit the wealthy since few lower-income Americans own taxable investments. By the op-ed’s own admission, just 54% of Americans have invested in the stock market, for example.

Moreover, poorer investors are already exempt from long-term capital gains, so long as their taxable income including investment profits does not exceed certain thresholds ($39,375 for single filers or $78,750 for joint filers).

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This morning’s tweet wasn’t the first time that President Trump has flirted with using executive action to implement capital gains indexing. Earlier this month, he said that he was considering the controversial tax cut.

He walked back that remark the next day.

Click here for a real-time Dow Jones Industrial Average chart.

Dow Sputters as Trade War Butchers Key Stocks Apple & Boeing


By CCN Markets:  The Dow sputtered toward a dreadful showing on Wednesday as the stock market cooled off from a six-day feeding frenzy.

Meanwhile, major DJIA components Apple and Boeing remain trapped in the crosshairs of the US-China trade war, presenting the index with significant downside risk should there be any further escalation.

Dow Cools Off Following Parabolic Rally

All of Wall Street’s major indices traded down on Wednesday. Minutes before the opening bell, Dow Jones Industrial Average futures had lost 39 points or 0.15%, implying a 30.51 drop from Tuesday’s close at 26,048.51.

dow jones industrial average chart

The Dow stumbled toward a moderate loss following a shaky pre-market session. | Source: Yahoo Finance

S&P 500 futures also dropped 0.15% – or 4.25 points, and Nasdaq futures slid 0.37% or 27.5 points to round out a disappointing pre-market session.

SCMP Report Reveals Dire Trade War Consequences

The market slammed the brakes on its unexpectedly-parabolic June rally, which had launched major stock indices back toward their all-time highs.

Unlike most mornings over the past month, Wall Street did not have to grapple with any new trade war escalation, either from a Communist Party editorial or President Trump’s Twitter feed.

However, a concerning report in the South China Morning Post reveals just how severely blue-chip US companies have begun to suffer the effects of the US-China trade war.

boeing, apple stock

Key Dow components Boeing and Apple find themselves trapped in the trade war crosshairs. | Source: Yahoo Finance

Aerospace giant Boeing already faced a stormy forecast due to the simmering controversy over the embattled 737 MAX. Now, it’s struggling to close critical deals in China – including one for a near-record 100 jets – due to uncertainty about the future of Beijing-Washington relations.

“It’s nearly impossible for China to sign such a mega deal with Boeing when the two countries are in a trade war,” said one Chinese aviation industry insider. “From the demand side, China’s economic growth is slowing while competition in international flights is fierce, so there’s really no logic for Chinese airlines to buy a lot of new models.”

Ding Yifan, a senior researcher with Tsinghua University’s National Strategy Institute, told SCMP that the trade war risked permanently jeopardizing the ability of Dow staples like Boeing and Apple to operate in the world’s second-largest economy.

“Many US businesses are in danger of losing the China market for good,” Ding said. “In the worst case scenario, the US business presence will be uprooted in China – not because of China, but because of US policymakers.”

That’s particularly true of US tech companies.

Microsoft & Other Tech Giants Face Impossible Choice

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Satya Nadella and Microsoft find themselves trapped between a rock and a hard place, all thanks to the trade war. | Source: Jason Redmond / AFP

If the Trump administration follows through on its threat to ban US companies from selling technology to Chinese firms like Huawei, tech giants like Microsoft could find themselves in an impossible position. Indeed, reports indicate that Beijing has already warned the Satya Nadella-led firm that it should not abide by that White House directive if it desires to succeed in the Chinese market.

According to Deutsche Bank, the Trump administration’s unconventional trade strategy has cost the US stock market $5 trillion. The suddenly-thorny business climate in China will only cause those losses to snowball – potentially for years – even if Washington and Beijing do return to the negotiating table in the near future.

Click here for a real-time Dow Jones Industrial Average price chart.

‘The War Has Begun’: McAfee Begs Hackers to Fight India’s Bitcoin Ban

By CCN: “The war has begun.” Thus thundered enigmatic crypto celebrity John McAfee as he issued an all-caps rebuke to India’s bombshell proposal to ban bitcoin ownership and slap offenders with draconian 10-year prison sentences.

John McAfee: Anonymous Must Step Up to Fight India’s Draconian Bitcoin Ban Bill

john mcafee, india bitcoin ban bill

John McAfee unleashed a fiery retort to India’s crypto ban bill, though he later deleted the tweets. | Source: Twitter (deleted)

Ranting at the proposal in two now-deleted tweets, the software-developer-turned-crypto-promoter did not mince words about the “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill,” which seeks to prohibit bitcoin ownership and force residents to use a state-run digital currency alternative.

“The war has begun. An entire nation wishing to free itself is now punished for using the instrument of freedom,” he said.

Not content to merely wage a war of words, McAfee proposed concrete action to fight the draconian policies of India’s anti-crypto regime. What action? He called on notorious hacktivist group Anonymous to “step up to the plate” and defend bitcoin users in the world’s second-largest country.

“If there ever was a time for Anonymous to step up to the plate, that time is now!”

Crypto Ownership at Risk in World’s Second-Largest Country

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India could ban bitcoin to promote adoption of its own digital currency. | Source: Shutterstock

As CCN reported, Indian lawmakers proposed that the government should make bitcoin ownership illegal and deal out 10-year prison sentences to people who touch cryptocurrenices, even indirectly.

This includes users who:

“mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies, directly or indirectly.”

Further still, anyone caught generating profits from their bitcoin dealings would find themselves buried under a fine equal to three times their profits.

All Indian bitcoin investors would have just 90 days to report their holdings to the government and then dispose of them, almost certainly at prices well below their value on the global market.

McAfee Teases ‘Freedom Coin’ Cryptocurrency

It’s not clear why John McAfee deleted the tweets. After all, it’s not like he’s concerned with maintaining a squeaky-clean reputation.

In any case, “freedom” has been a consistent theme in McAfee’s Twitter feed.

Last month, he announced that he would launch his own cryptocurrency, called “Freedom Coin,” which he told CCN would “Free crypto from the bonds if (sic) the system we are trying to replace.”

He’s also thrown his hat into the ever-widening ring of the 2020 US presidential election. His campaign slogan?  “Don’t Vote McAfee.”

Newsflash: Bitcoin Price Pierces $8,000 as Bulls Defy Bearish Warnings

 
By CCN: The bitcoin price zoomed across the psychologically-crucial $8,000 mark as the flagship cryptocurrency continued to claw back the losses it incurred during the recent market downturn.

Bitcoin Price Zooms to Four-Day High

bitcoin price recovers past $8,000

Bitcoin zooms past $8,000 shortly after 12:15 pm ET. | Source: BitcoinWisdom.io

Bitcoin had languished below $8,000 for much of the past three days, following a brutal correction that smacked BTC/USD as low as $7,432 on Bitstamp, more than 18 percent off the year-to-date peak of $9,096 it set on May 30.

However, shortly after 12 pm ET, the bitcoin price began to trend upward, and at 12:16 it eclipsed the $8,000 mark. That triggered another small bump, and by the time of writing, BTC had popped as high as $8,100 to post a four-day high and pump its market cap up to $143 billion.

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The bitcoin price hits a four-day high after dropping below $7,500. | Source: BitcoinWisdom.io

Other top cryptocurrencies enjoying bullish pivots included litecoin (+15.19%) and tezos (+14.84%), though most coins gained close to 5% over their previous-day levels.

Altogether, the crypto market cap rose to $258.7 billion.

Crypto Comeback Defies Bearish Warnings

But as the parabolic cryptocurrency market rally kicks back into high gear, we’re left with an uncomfortable question: Can it last?

Two days ago, crypto analyst Willy Woo published some alarming data that suggested the bitcoin recovery had already gotten out of hand.

Writing on Twitter, he warned that BTC’s market price had ballooned far beyond organic levels, approaching heights not seen even during the 2017 bull market mania.

Absent organic capital inflows from investors, he concluded that the recent jump above $9,000 was powered by “short term trade activity” and not sustainable.

“This is a quant fund driven short squeeze devoid of any true investor volume,” he wrote. “I’m awaiting this exchange driven pump to blow off, a proper retrace, and only then do I think real investor flows will come in and drive the true organic bull market.”

Bitcoin Pounds Higher as 1.3 Billion People Face Ownership Ban

Even more notably, the bitcoin price managed to pound past $8,000 even as India, the world’s second largest country with more than 1.3 billion residents, introduced a bill that would place an outright ban on cryptocurrency ownership.

The bill, as CCN reported, would criminalize all cryptocurrency use and ownership. Current investors would be forced to dump their holdings within 90 days, and offenders would face massive penalties including decade-long jail sentences.

There was a time when such reports would have triggered instant price crashes. “China bans bitcoin” rumors were once so devastating to the market that they inspired a meme.

Now, though, many analysts – including VanEck Digital Asset chief Gabor Burbacs – believe that the industry has grown so strong that an outright ban would spur further adoption.

Developing…Check back for updates. Click here for a real-time bitcoin price chart or here to read CCN’s latest crypto market analysis.

Dow Shoots North But Hedge Fund Pro Warns of 40% Stock Market Crash

 
By CCN: The Dow overcame a worrisome jobs report to shoot higher on Friday, as the US stock market plowed ahead toward its best week since November 2018. However, one hedge fund legend warns that if Donald Trump fails to mount a successful reelection campaign, his successor could trigger a brutal 40% stock market crash.

Dow Seesaws Higher as Economy Backs Fed Into a Corner

Wall Street’s major indices sped toward blockbuster gains on Friday, building on a volatile pre-market session. As of 1:23 pm ET, the Dow Jones Industrial Average had leaped an astounding 277.81 points or 1.08%; the DJIA last traded at 25,998.47.

dow jones industrial average chart

The Dow surged nearly 200 points after an awful jobs report made investors even more convinced that the Fed would cut interest rates.| Source: Yahoo Finance

The S&P 500 rose 33.51 points or 1.18% to 2,877.

The Nasdaq, meanwhile, added 130.19 points or 1.71% to reach 7,745.74 to round out a bullish day on Wall Street.

Terrible May Jobs Report Triggers Recession Alarm Bells

Stock prices boomed on Friday, even after the Labor Department released its much-anticipated May jobs report, which, though not an outright disaster, did little to quell lingering recession fears.

Here’s the good news: The unemployment rate held steady at 3.6% – a five-decade low.

But here’s the bad news: Non-farm payrolls rose by just 75,000 jobs in May, missing the consensus estimate of 177,000 by a staggering 58% margin. Even worse, the Labor Department revised the March and April NFP figures down by a combined 75,000 jobs.

non-farm payrolls, May 2019 jobs report

Non-farm payrolls missed analyst estimates by a concerning margin, according to the May 2019 jobs report. | Source: BLS

If there’s a silver lining, it’s that the visible cracks in the economic boom could spur the Federal Reserve to pursue an interest rate cut sooner rather than later. However, as CCN reported, economists warn that Fed rate cuts are not a miracle salve.

And the fact that the Fed is considering them at all does not reflect well on the overall health of the US economy, which has yet to face the full brunt of Trump’s trade war threats.

Billionaire Druckenmiller: a 2020 Trump Loss Could Catalyze 40% Stock Market Crash

Regardless of the Dow’s short-term prospects, stock market analysts continue to point and scream at the rapidly-approaching 2020 US presidential election, which they warn could initiate a black swan event for the Dow, S&P 500, and Nasdaq.

This morning, billionaire hedge fund legend Stanley Druckenmiller revealed just how high the stakes really are, telling CNBC that if a “crazy” Democrat like Bernie Sanders bests Trump in 2020, it would likely provoke a 40% stock market crash.

“If Bernie Sanders became president, I think stock prices should be 30% to 40% lower than they are now,” he said.

bernie sanders, dow jones, stock market crash

Stanley Druckenmiller warns that a “crazy” Democrat like Bernie Sanders could provoke a 40% stock market crash. | Source: MANDEL NGAN / AFP

At present levels, a 40% sell-off would slam the Dow below 15,500, the S&P 500 down to 1,700, and the Nasdaq toward 4,550.

Equally as concerning is that Druckenmiller firmly believes that Trump will lose reelection, leaving the fate of the stock market in the hands of a crowded Democratic field that has lurched farther left than any in recent memory.

Stock Market Eyes Best Week Since November 2018

Friday’s rally virtually assures that the Dow will snap its six-week losing streak in spectacular fashion, as the stock market looks poised to record its best week in more than six months.

On Thursday, the Dow soared 181.09 points or 0.71% to close at 25,720.66. The S&P 500 rose 17.34 points or 0.61%, and the Nasdaq increased 40.08 points or 0.53% to 7,615.55.

Click here for a real-time Dow Jones Industrial Average price chart.