The S&P 500 and the Nasdaq were poised to mark their biggest weekly drop since March 2020, and the Dow was on course for its biggest weekly decline since October 2020.
Wall Street‘s main indexes posted their biggest single-day percentage declines in years on Thursday after Trump imposed a 10 per cent tariff on most imports into the United States and much higher levies on dozens of other countries.
The Dow Jones Industrial Average fell 3.49 per cent to 39,128.86 points, dropping 10 per cent from its record close and on course to confirm a correction. The S&P 500 dropped 4.07 per cent to 15,877.69.
The Wall Street sell off came after China imposed fresh tariffs on all U.S. goods in response to the Trump administration’s sweeping levies, escalating a global trade war.
China’s finance ministry said on Friday it would impose additional tariffs of 34 per cent on all U.S. goods from April 10 after U.S. President Donald Trump raised tariff barriers to their highest level in more than a century this week.The tariff war has sent shockwaves through global financial markets and raised fears of an economic downturn, with investment bank JP Morgan forecasting a 60 per cent chance of the global economy entering a recession by year-end, up from 40 per cent previously.
FAQs
Q1. What are key US stock market indexes?
A1. Key US stock market indexes are Nasdaq Composite, S&P 500, and Dow Jones Industrial Average.
Q2. What are current status of S&P 500, Nasdaq?
A2. S&P 500 and the Nasdaq were poised to mark their biggest weekly drop since March 2020, and the Dow was on course for its biggest weekly decline since October 2020.
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