Before Tuesday’s rebound in the stock market, Barstool Sports founder Dave Portnoy dubbed the market drop going into the new week “Orange Monday,” a reference to President Donald Trump.
While Portnoy supported Trump during the 2024 presidential election, he has been critical of Trump’s 10% tariffs on imported goods sent to the United States.
On April 2, a day that Trump called “Liberation Day,” Portnoy said on his “Davey Day Trader” livestream that he lost $7 million in stock and cryptocurrency value.
In a follow-up stream on Monday, Portnoy said there was “no political agenda” when talking about the economic fallout.
“This is a decision that one guy made that crashed the whole stock market,” Portnoy said. “That’s why we’re calling it Orange Monday.”
Historically, a “Black Monday” or “Black Tuesday” referred to the worst declines in the history of the Dow Jones Industrial Average. Both terms were used to during the start of the Great Depression in October 1929. The term “Black Monday” was adopted by the Federal Reserve to refer to contemporary global financial crises. It was reused in 1987, when the Dow Jones Industrial Average dropped almost 23%, according to the Fed.
Portnoy also slammed the fact that the president spent the weekend golfing as global markets continued to spiral.
“I didn’t love seeing [Trump] on the golf course playing his course championship and being like I’m a very low handicap,” Portnoy said. “The stock market is getting crushed. I’ve lost 20% of my net worth. And you’re out on the golf course.”
By the end of last week, the stock market saw its worst decline since March 2020, as a result of the COVID-19 pandemic. As of Tuesday, the S&P 500 was up 3.8% and the Nasdaq Composite was up 4.2%. The Dow Jones was also up nearly 3.8%.
This comes after the Dow Jones sunk 350 points while the S&P 500 made a historic three-day loss, Yahoo! Finance reported on Tuesday.
Trump’s tariff blitz fulfilled a key campaign promise as he acted without Congress to redraw the rules of the international trading system. It was a move decades in the making for Trump, who has long denounced foreign trade deals as unfair to the U.S.
The higher rates are set to be collected beginning Wednesday, ushering in a new era of economic uncertainty with no clear end in sight.
The Associated Press contributed to this report.
