Stock markets went into a meltdown on Monday amid fears that the US could be heading for a recession and pushing investors into panic-selling mode.

the US has seen an unexpected rise in the unemployment rate, according to July payrolls report unveiled on Friday according to RT. This led to markets betting on the Federal Reserve cutting rates in September by a full 50 basis points, and sparked debate among economists about the overall health of the US economy, with its enormous influence in the global financial market.

US stocks closed sharply down on Friday, with the technology-heavy Nasdaq Composite falling into correction, but Monday kicked off with new drops.

Donald Trump has directed blame at the Democratic administration in Washington, saying Joe Biden and Kamala Harris are responsible for the financial storm.

Trump made the accusation in a social media post on Sunday, writing in all caps: “STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!”

The NYP reports Former President Donald Trump on Monday labeled a sharp drop in the stock market “the Kamala Crash,” linking to the ascension of Vice President Harris as the presumptive Democratic presidential nominee.

“Of course there is a massive market downturn. Kamala is even worse than Crooked Joe,” Trump, 78, wrote on social media Monday morning — after the Dow Jones Industrial Average plunged 1,000 points in morning trading after closing down more than 600 points on Friday.

“Markets will NEVER accept the Radical Left Lunatic that DESTROYED San Francisco and California, as a whole. Next move, THE GREAT DEPRESSION OF 2024! You can’t play games with MARKETS. KAMALA CRASH!!!” Trump added.

The stock market selloff is linked by economists to a weaker-than-expected jobs growth report released Friday morning, which showed 114,000 new positions added to the US economy in July — well below the expected 175,000 jobs — signaling a potential slowdown or recession.

Trump wrote in a subsequent all-caps post: “VOTERS HAVE A CHOICE — TRUMP PROSPERITY, OR THE KAMALA CRASH & GREAT DEPRESSION OF 2024, NOT TO MENTION THE PROBABILITY OF WORLD WAR lll IF THESE VERY STUPID PEOPLE REMAIN IN OFFICE. REMEMBER, TRUMP WAS RIGHT ABOUT EVERYTHING!!!”