DOW IN FREEFALL! PANIC IN WORLDWIDE MARKETS! tRUMP TO BLAME!!!
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All on Thu Apr 3 14:24:41 2025
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Stocks nosedived Thursday after President Donald Trump unveiled sweeping tariffs of at least 10% and even higher for some countries, raising the
risks of a global trade war that hits the already sputtering U. S. economy.
The S&P 500
dropped 4%, putting it on track for tis worst day since September 2022. The
Dow Jones Industrial Average tumbled 1,500 points, or 4%. The Nasdaq
Composite
slid 5%. The slide across equities was broad, with decliners at the New
York Stock Exchange outnumbering advancers by six to one.
Shares of multinational companies tumbled. Nike
and Apple dropped 11% and 9%, respectively. Big sellers of imported goods
were among the hardest hit. Five Below lost 25%, Dollar Tree tumbled 9%,
and Gap plunged 20%. Tech shares dropped in an overall risk-off mood, with Nvidia off 5% and Tesla
also down 3.5%.
The White House unveiled a baseline tariff rate of 10% on all countries
that goes into effect April 5. Even bigger duties against countries that
levy higher rates on the U. S. will be charged in coming days, according to
the administration.
We will charge them approximately half of what they are and have been
charging us, said Trump in a press conference from the White House Rose
Garden. So, the tariffs will be not a full reciprocal.
That halved figure includes the combined rate of all their tariffs, non- monetary barriers and other forms of cheating, he said.
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Dow Jones Industrial Average
RT Quote | Exchange | USD
40,644.54quote price arrow down-1,580.78 (-3.74%)
Last | 10:21 AM EDT
Dow falls
These rates will end up being much higher than investors had expected for
many nations. For example, the effective tariff rate for China will now be
54% when accounting for the new reciprocal rate and duties already levied against the country, the White House clarified to CNBC. Traders had hoped a
10% to 20% rate would be a universally applied cap, not a minimum starting point.
This was the worst case scenario for tariffs and were not priced-into the markets, which is why we are seeing such a risk-off reaction, said Mary Ann Bartels, chief investment strategist, Sanctuary Wealth. The big question is
if 5,500 can hold on the S&P 500. If it cannot hold, we may see another 5-
10% downside, which could likely point to a bottom of 5,200-5,400.
Investors turned to Treasury yields in their search for safety. The
benchmark 10-year Treasury yield dropped 15 basis points to 4.04%.
The S&P 500 rose for a third day Wednesday on hopes Trump would not
announce a severe tariff plan on the risk it would tip the economy into a slowdown and raise already sticky inflation.
The benchmark has been hit hard since late February with it falling into correction territory or 10% down from its record because of the
heightened uncertainty caused by Trumps ongoing tariff announcements. This uncertainty has started to show up in some sluggish economic data, which further pressured stocks by heightening recession fears.
If he would have come in with just the 10%, I think the markets would
probably be up quite a bit right now, said Larry Tentarelli, chief
technical strategist at the Blue Chip Trend Report. But because the tariffs came in bigger than many expected, I think what that does is it creates
more downside volatility right now.
Extrapolating the losses in after hours Wednesday trading, the S&P 500 is
on course to fall back into a correction during regular hours trading
Thursday, while also returning to the lowest levels since before Trumps election in November.
5 Min Ago
S&P 500 falls back into correction territory
The S&P 500
dipped back into correction territory Thursday morning, after President
Donald Trumps tariffs spurred a stock selloff.
The broad market index fell more than 11% below its Feb. 19 record close. A correction refers to a fall of 10% or more from a recent peak.
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S&P 500 Index
RT Quote | Exchange | USD
5,440.01quote price arrow down-230.96 (-4.07%)
Last | 10:23 AM EDT
S&P 500
The Nasdaq Composite was last more than 16% off its own recent peak. The
Dow Jones Industrial Average was a stones throw away from falling into a correction itself, last off by 9.7%.
Sarah Min
15 Min Ago
ISM services index falls as hiring intentions decline
Service-sector activity was slower than expected in March and hiring
intentions declined considerably, the Institute for Supply Management
reported Thursday.
The ISM services index posted a 50.8 reading, representing the percentage
of companies reporting expansion. Economists surveyed by Dow Jones had been looking for 52.9 after the 53.5 reading in February.
Within the survey, the employment index tumbled to 46.2, a 7.7-point drop
to below the 50 cutoff for expansion. The prices index edged lower to 60.9
and new export orders fell to 45.8, a 6.3-point decline.
Jeff Cox
22 Min Ago
U. S. steel stocks drop on the heels of Trump tariffs
Workers install steel rods at a construction site in Miami, Florida, U. S.
, March 11, 2025. REUTERS/Giorgio Viera
Workers install steel rods at a construction site in Miami, Florida, U. S.
, March 11, 2025.
Giorgio Viera | Reuters
Shares of U. S. -based steel companies fell in morning trading on Thursday
even with President Donald Trumps tariffs being aimed at boosting the
domestic steel industry.
U. S. Steel
dipped more than 3% just after the opening bell, while others like Steel Dynamics and Nucor moved nearly 6% lower. Cleveland-Cliffs
also dropped more than 9%.
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United States Steel Corp
RT Quote | Last NASDAQ LS, VOL From CTA | USD
40.88quote price arrow down-1.52 (-3.60%)
Last | 10:23 AM EDT
X vs. CLF, STLD and NUE, 1-day
Trumps latest widespread tariffs announcement comes after the presidents
25% tariffs on steel and aluminum imports went into effect back in March.
The White House said Wednesday that steel and aluminum will be excluded
from the new reciprocal tariffs.
Sean Conlon
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