Trump blames Harris, Biden for stock market meltdown after taking credit for past upswing

• Republican presidential nominee Donald Trump used the stock market plunge to attack Vice President Kamala Harris, the de facto Democratic nominee.
• Trump in early 2024 took credit for the stock market's then-record climb.
• Moody's chief economist Mark Zandi said Trump's comments reflect the political danger of tying a candidate's victories to something as volatile as the stock market.

Republican presidential nominee Donald Trump on Monday blamed Vice President Kamala Harris for the stock market's dramatic plunge, months after claiming he deserved credit for the market's then-record upswing.

"Of course there is a massive market downturn. Kamala is even worse than Crooked Joe," Trump wrote in a post on Truth Social about Harris, the de facto Democratic presidential nominee.

The night before, as Asian markets fell dramatically, the former president wrote, "STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN'T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!"

U.S. stocks dropped sharply Monday, apparently in reaction to fears of a recession that were sparked in part because of Friday's weaker-than-expected jobs report.

But in January, when the Dow Jones Industrial Average and S&P 500 reached record highs, Trump said the surge was because investors thought he would beat President Joe Biden.

"THIS IS THE TRUMP STOCK MARKET BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PROJECTING THAT I WILL WIN," he wrote on Truth Social that month.

Trump's comments reflect the political risk of tying a campaign to the ever-changing behavior of the markets, Moody's chief economist Mark Zandi told CNBC.

"Throughout history, I think politicians have avoided trying to peg their fortunes to the stock market