(DCNF)—CNBC host Jim Cramer predicted a market collapse reminiscent of “Black Monday” in 1987 on Friday, but it did not materialize.
Cramer warned viewers on “Mad Money” that a crash like “Black Monday,” where the Dow Jones Industrial Average plunged roughly 22% in a single day, could be on the horizon. However, the Dow Jones Industrial Average fell just .91% on Monday, while the S&P 500 dipped .23% and the Nasdaq Composite actually rose by approximately .10%.
“We’re in one of three modalities, okay? We could be in for the grips of a quick bear market à la the COVID 2020 model. We could be in for a 2000-style bear market, where tech was laid to waste for a very long time,” Cramer said. “Or it might be the big kahuna. That’s the one of October of 1987, where the market went down hard for three days — Wednesday, Thursday, Friday — and then it went even harder on a day we call ‘Black Monday,’ where the market fell 22%.”
“If the president doesn’t try to reach out and reward these countries and companies that play by the rules, then the 1987 scenario, the one where we went down three days and then down 22% on Monday has the most cogency,” he continued. “We will not have to wait out too long, will we? We’ll know by Monday.”
The stock market temporarily lurched 8% upwards in a matter of minutes on Monday after CNBC ran several chyrons inaccurately stating that Trump was contemplating a 90-day pause on the tariffs. However, White House press secretary Karoline Leavitt told the outlet that it was “fake news.”
The market subsequently dropped 3.5% in a matter of seconds after Leavitt debunked the claim, according to Bloomberg podcaster Joe Weisenthal.
U.S. stocks nosedived for a second consecutive day on Friday after President Donald Trump announced sweeping tariffs on Wednesday. The Dow Jones Industrial Average and the S&P 100 each experienced their steepest declines since June 2020, 5.5% and 5.8%, respectively.
The Nasdaq Composite also fell 5.6% on Friday.
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