Morning Business Report: Stocks tumble as Trump warns of economic ‘detox’

Stocks fell overnight as investors reacted to former President Donald Trump’s weekend remarks about a potential economic slowdown.

(LILAMAX)- Stocks fell overnight as investors reacted to former President Donald Trump’s weekend remarks about a potential economic slowdown. Trump described it as a “detox” period, restructuring the economy to reduce reliance on government spending—acknowledging it could bring short-term pain.

The Nasdaq recorded its worst drop since 2022, while the Dow Jones Industrial Average plummeted nearly 900 points by the close.

X, formerly known as Twitter, suffered a large-scale cyberattack Monday, according to owner Elon Musk. He said the outages originated from the Ukraine region and suggested a well-resourced, coordinated group was responsible.

Delta Air Lines said fewer people are flying within the United States, which is expected to impact profits. Both corporate and leisure bookings declined, but the airline maintained its full-year forecast.

Nearly half of Americans 50 and older with credit card debt are using their cards to cover basic living expenses, according to a new AARP survey. Among those with outstanding balances, 17% used credit cards every month in the past year for essential expenses. 26% are very concerned about how long it will take to pay off their debt. Nearly 1 in 5 anticipate it will take more than five years to become debt-free.