London Daily

Focus on the big picture.
Wednesday, Jul 08, 2026

White House admits stock market 'not something we keep an eye on every day'

White House admits stock market 'not something we keep an eye on every day'

The Dow Jones Industrial Average fell more than 1,100 points on Wednesday, marking its worst day since 2020

White House press secretary Karine Jean-Pierre said Wednesday that the stock market, which continues to witness erratic trading amid soaring inflation, is not something the White House tends to "keep an eye on every day."

Asked about the stock market's recent performance amid rising interest rates from the Federal Reserve and the potential for "gains that have defined" President Biden's presidency being erased, Jean-Pierre said "nothing has changed" on how the White House views the stock market's behavior.

"Nothing has changed on how we see the stock market," Jean-Pierre told reporters. "That's not something we keep an eye on every day, so I'm not gonna comment on that from here."

Earlier this year, former White House press secretary Jen Psaki said Biden "does not look at the stock market as a means by which to judge the economy."

U.S. stocks saw steep selling Wednesday as more retailers revealed the negative impact of inflation amounting to the worst day for stocks since 2020.

The Dow Jones Industrial Average fell over 1,100 points, or 3.6%, while the Nasdaq Composite tumbled nearly 5% and the S&P 500 dropped 4%.

Target shares tanked after disclosing rising costs will hurt profitability for the remainder of the year. This follows Walmart's lower-than-expected profit report Tuesday that was also blamed on inflation. The Fed will "have to consider moving more aggressively" if inflation that is running at a four-decade high fails to ease after earlier rate hikes, chair Jerome Powell said at a Wall Street Journal conference.

Federal Reserve Chairman Jerome Powell testifies during a hearing at the Hart Senate Office Building on September 28, 2021 in Washington, DC.


In a recent analyst note, Goldman Sachs lowered its year-end price projection for the S&P for the third consecutive time to 4,300 — which is actually a potential 8% upside to current levels, though down 10% from the start of the year. Goldman initially forecast that the S&P would close out the year at 5,100.

But the outlook is much bleaker if the economy is dragged into a recession this year: Goldman projected the S&P would fall close to 11% from the benchmark's current level, finishing the year around 3,600. That would mark a steep, 25% decline from the beginning of the year.

The index has already plunged in recent weeks as concerns over sky-high inflation, rising interest rates and a darkening economic outlook continue to weigh on the market.

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020.


Since the start of the year, the benchmark S&P has dropped more than 16%, nearing bear market territory. The last time the S&P entered a bear market was in March 2020 at the start of the COVID-19 pandemic.

There are growing fears that the Fed will trigger a recession. Hiking interest rates tends to create higher rates on consumer and business loans, which slows the economy by forcing employers to cut back on spending. Bank of America, as well as Fannie Mae and Deutsche Bank, are among the Wall Street firms forecasting a downturn in the next two years.

Newsletter

Related Articles

0:00
0:00
Close
Federal Financial Framework Shifts as Treasury Launches Universal Savings Program for Minors
Jet2 Reports Strong Summer Travel Demand as Bookings Rise Seven Percent
Prince Harry Loses High Court Privacy Case Against Daily Mail Publisher
British Universities Warn Against Potential European Union Tuition Fee Changes
Heal Fertility Clinic Investigated After Embryo Biopsy Sample Mix-Up
Resolution Foundation Warns Regional Income Divide Has Barely Improved Since 1997
British Markets Remain Cautious as Middle East Tensions Rise and Government Transition Nears
Andy Burnham Poised to Become United Kingdom Prime Minister in Expected Political Transition
Nigel Farage Resigns as Member of Parliament Ahead of By-Election Amid Funding Investigation
Trump Declares Iran Ceasefire Over After Renewed Attacks on United States Bases
French Court Allows Le Pen to Run for Presidency, but with an Electronic Tag: "I Will Appeal, and I Will Run"
$1.4 Trillion: The Lawsuit That Could Crush Meta
Europe's Growing Struggle with Extreme Heat and Air Conditioning
UK Daily Briefing: Legal Developments and Social Issues
Political Turmoil and Rising Costs
Anthropic Reengineers Agentic Architecture to Shift Autonomous Workplace Automation to the Cloud
Logic Flaw in Windows 11 Permission Architecture Silently Consumes Hundreds of Gigabytes of Local Storage
Apple Advances Late-Stage Operating Systems with Fourth Beta Deployments
Global Crisis Alert: Escalating Middle East Tensions and UK Political Upheaval
UK Parliament Pushes for Greater Domestic Control Over Critical Technologies
UK Parliament Warns Trade Fair and Exhibition Industry Is Losing Global Competitiveness
Police Launch Murder Investigation After Mother and Two Children Found Dead Near Bedford
British Chambers of Commerce Survey Shows Business Confidence Falls to Post-Pandemic Low
UK Parliament Report Warns Britain Risks Falling Behind in Artificial Intelligence Sovereignty
Office for Budget Responsibility Warns United Kingdom Faces Long-Term Fiscal Pressures
Nigel Farage Resigns as Member of Parliament Amid Financial Scrutiny and Triggers By-Election
Deep Purple Has Released Its Best Album in Decades
UK MPs Criticise Student Loan System as Potentially Mis-Sold to Millions of Borrowers
Policy Groups Propose Bank of England-Backed Solar Loan Scheme for Millions of Homes
UK Health Agency Issues Amber Heat Alerts Across Six Regions as Temperatures Rise
Royal Air Force F-35 Jets Conduct First High North Air Policing Missions From Aircraft Carrier
Major UK Companies Join Government Cybersecurity Pledge Amid Rising Digital Threats
UK Sanctions Russian Operatives Linked to Chemical Weapons Programmes and Poisoning Cases
UK Government Expands Free Breakfast Clubs and Limits School Uniform Costs
UK Water Companies Face Tougher Penalties Under New Environmental Enforcement Rules
UK Universities Warn Funding Cuts Could Damage Skills Pipeline and Economic Growth
NHS Expands Artificial Intelligence Tools to Help Reduce Patient Waiting Lists
NHS Ombudsman Criticises Failures in End-of-Life Communication and Patient Care
NHS Launches Nationwide Vaccination Drive After Rise in Measles Cases
UK Government Introduces New Limits on Foreign-Linked Political Donations
Thames Water Creditors Advance £10 Billion Rescue Plan to Prevent Potential Public Ownership
Andy Burnham Prepares Labour Leadership Platform as Party Faces Post-Starmer Transition
UK Met Office Issues Heatwave Alerts for London and Southern England
Keir Starmer Blocks Earlier World Cup Kick-Off Time for England Match Against Mexico
NHS Digital Transformation and Media Consolidation Highlight UK Policy Priorities
UK Government Pushes Digital Trade Rules to Cut Export Costs for Businesses
Bank of England Plans Leverage Rule Changes to Support Government Bond Market
UK Police Operation Targets Organised Immigration Crime Networks With Hundreds of Arrests
Yvette Cooper Calls for Global AI Rules to Prevent Security Risks
NHS Begins Major AI Expansion Through £10 Billion Digital Investment Programme
×