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Home Global Markets

US Stock Markets Tumble as Tariff Deadline Looms

Rennie Odek by Rennie Odek
in Global Markets
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US Stock Markets

Traders at the floor of the New York Stock Exchange [Photo: File]

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Investor anxiety gripped US stock markets on Tuesday, leading to another volatile trading session as President Donald Trump’s tariff policies continued to weigh heavily on sentiment. Stocks initially rallied on hopes of tariff negotiations but ultimately closed in the red, with major indices posting significant losses.

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US Stock Market Performance

The Dow Jones Industrial Average dropped 320.01 points, or 0.84%, to close at 37,645.59, marking a four-day loss of over 4,500 points. The index had surged earlier in the day, gaining as much as 3.9%, before reversing course.

The S&P 500 declined 1.57%, ending at 4,982.77, its first close below 5,000 since April 2024. The index is now down nearly 19% from its February record, teetering on the edge of a bear market. Meanwhile, the Nasdaq Composite fell 2.15% to close at 15,267.91, bringing its four-day loss to over 13%.

Sector and Stock-Specific Impacts

Apple led the declines on US Stock Markets, with its shares closing nearly 5% lower after an earlier 4% gain. The tech giant has lost nearly 23% over the past four trading sessions, as new tariffs are expected to significantly increase its production costs. Other tech stocks also struggled, contributing to the Nasdaq’s sharp drop.

Read: Wall Street Extends Decline as Apple, Facebook Lead Big-Tech with 1% Drop

Tariff Developments

The White House confirmed that a cumulative 104% tariff rate on Chinese goods will take effect just after midnight, adding to the 10% baseline duty implemented on Saturday.

President Trump, via Truth Social, highlighted a great call with South Korea’s acting president, which briefly buoyed market sentiment. Treasury Secretary Scott Bessent revealed that around 70 countries have approached the US for tariff negotiations, signaling potential relief for some trading partners.

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Investor Sentiment

Despite early optimism on US Stock Markets fueled by an oversold market and hopes for tariff negotiations, the rally fizzled as concerns over escalating trade tensions resurfaced. The S&P 500 has now fallen more than 12% in the past four days, marking its worst stretch since the onset of the COVID-19 pandemic in 2020.

As the tariff deadline approaches, US stock markets remain on edge. The implementation of the 104% tariff rate on Chinese goods is expected to further strain global trade relations and exacerbate market volatility. Investors will be closely watching for any signs of progress in trade negotiations or policy adjustments in the coming days.

 

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Tags: Donald TrumpDow Jones Industrial AverageNASDAQS&P 500
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