Slumping US stocks threaten a pillar of the economy: spending by the wealthy

Signs suggest the rich are already spending less. (Image: Depositphotos)

Mon, 17 Mar 2025

By Matt GrossmanThe stock-market correction in recent weeks is more than a potential symptom of a slumping economy. It could cause a slump.After cheering President Donald Trump’s election in November, the market has sunk as investors worry that the White House’s aggressive and fast-changing tariff war could scuttle a soft landing. On Thursday, the S&P 500 closed down more than 10% from its February high, meeting the rule of thumb for a correction. It gained back some ground Friday. 'Risk of weakening condition...

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