Late Night Takes Stock of Trump’s Effect on the Markets

March 11, 2025

“In the first Trump term, it took a disease to destroy the economy,” Stephen Colbert said. “This time, he’s the disease.”

Welcome to Best of Late Night, a rundown of the previous night’s highlights that lets you sleep — and lets us get paid to watch comedy. Here are the 50 best movies on Netflix right now.

Wall Street had its worst day of 2025 on Monday, after President Trump declined to rule out the possibility that his tariffs might lead to a recession.

Stephen Colbert said the clocks might have sprung forward on Sunday for daylight saving time, “but today, the stock market fall down go boom.”

“The Dow Jones dropped 890 points. Now, I don’t know a lot of financial jargon, but let’s just say your 401 is not ’k,” — STEPHEN COLBERT

“In the first Trump term, it took a disease to destroy the economy. This time, he’s the disease.” — STEPHEN COLBERT

“During a Fox News interview, President Trump declined to rule out the possibility that his economic policies could cause a recession. Trump was, like, ‘Depends if we use my economic policies from this morning or this afternoon.’” — JIMMY FALLON

“It’s not great when the summary of your first two months in office is ‘Stocks down, measles up.’” — JIMMY FALLON

“When asked by reporters yesterday aboard Air Force One about the possibility of a recession, President Trump said that his tariffs will make the U.S. ‘so rich, you’re not going to know where to spend all that money’ — unless, you know, you’re feeling like an omelet.” — SETH MEYERS

“What do you want us to watch instead? [imitating Trump] ‘Maria, it’s a mistake to watch the stock market when you should be watching ‘Severance.’ What a show; it’s a great show.’” — SETH MEYERS, in response to Trump telling the Fox News host Maria Bartiromo that Americans shouldn’t watch the stock market

“Well, guys, yesterday was daylight saving time, and we lost an hour of sleep. Democrats were, like, ‘An hour? We haven’t slept since November.’” — JIMMY FALLON

“I tried something a little different this year. I set my clocks ahead four years. It didn’t work.” — JIMMY KIMMEL

“We sprung forward.I might have pulled something. But considering the way things are going, I’ve never been more grateful to be one hour closer to the end of whatever this is.” — STEPHEN COLBERT

“We go forward, we go backward. It’s like living in a Christopher Nolan movie, and Matt Damon is in those — I want no part of it.” — JIMMY KIMMEL

Former Gov. Andrew Cuomo of New York was the subject of Saturday’s “Lie-Curious” segment on “Have I Got News For You.”

The drag performer Trixie Mattel will appear on “After Midnight.”

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