<\/p>\n
US stocks plunged Thursday as traders reacted to Donald Trump’s sweeping tariff announcement a day earlier, with the broad-based S&P 500 recording its biggest one-day decline since 2020.<\/p>\n
At the closing bell, the Dow Jones Industrial Average was down 4.0 percent at 40,545.93, a loss of more than 1,600 points<\/p>\n
<\/p>\n
The broad-based S&P 500 closed down 4.8 percent at 5,396.52 — its worst trading day since June 2020. And the tech-rich Nasdaq Composite tanked 6.0 percent to 16,550.60, its largest one-day decline since the early days of the Covid-19 pandemic in March 2020.<\/p>\n
“Obviously, the tariffs are higher and worse than people expected,” Tom Cahill from Ventura Wealth Management told AFP.<\/p>\n
“And it’s going to take some time to sort out exactly what the effects are going to be, not only on the economy, but also on company earnings,” he added.<\/p>\n
The pummeling in New York followed similar downcast days on European and Asian bourses.<\/p>\n
Retailers such as Nike and Macy’s that rely on imports from Asian countries targeted by Trump were hammered while tech giants Apple and Amazon both shed more than 8.9 percent.<\/p>\n
“There are a lot of questions that still need to be answered, but I don’t think the market is overreacting,” Cahill said.<\/p>\n
The rout follows Trump’s “Liberation Day” tariff announcement in which he unveiled a broad swath of new levies affecting all US trading partners.<\/p>\n
Adam Sarhan of 50 Park Investments said the tariffs will reduce corporate earnings and could reignite inflation and prompt counter tariffs from US trade partners.<\/p>\n
<\/p>\n
“Here you have a tremendous amount of uncertainty…and that’s why the market is heading for a bear market,” said Sarhan, who also thinks a US recession is likely at this point.<\/p>\n
“The market is a forward-looking mechanism,” he said. “You typically have recessions after a bear market.”<\/p>\n
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n
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Washington: US stocks plunged Thursday as traders reacted to Donald Trump’s sweeping tariff announcement a day earlier, with the broad-based S&P 500 recording its biggest one-day decline since 2020. At the closing bell, the Dow Jones Industrial Average was down 4.0 percent at 40,545.93, a loss of more than 1,600 points The broad-based S&P 500 […]<\/p>\n","protected":false},"author":1,"featured_media":1817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[19],"tags":[],"class_list":{"0":"post-1816","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world-news"},"_links":{"self":[{"href":"https:\/\/gunnewsusa.com\/index.php\/wp-json\/wp\/v2\/posts\/1816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gunnewsusa.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gunnewsusa.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gunnewsusa.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gunnewsusa.com\/index.php\/wp-json\/wp\/v2\/comments?post=1816"}],"version-history":[{"count":1,"href":"https:\/\/gunnewsusa.com\/index.php\/wp-json\/wp\/v2\/posts\/1816\/revisions"}],"predecessor-version":[{"id":1818,"href":"https:\/\/gunnewsusa.com\/index.php\/wp-json\/wp\/v2\/posts\/1816\/revisions\/1818"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gunnewsusa.com\/index.php\/wp-json\/wp\/v2\/media\/1817"}],"wp:attachment":[{"href":"https:\/\/gunnewsusa.com\/index.php\/wp-json\/wp\/v2\/media?parent=1816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gunnewsusa.com\/index.php\/wp-json\/wp\/v2\/categories?post=1816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gunnewsusa.com\/index.php\/wp-json\/wp\/v2\/tags?post=1816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}