US Stocks Tumble as Tariff Fears Hit Tech Sector
US stocks fell sharply on Wednesday, as tech stocks led a broad selloff amid mounting concerns over impending US tariffs.
The S&P 500 declined 1.1% and the Nasdaq 100 dropped 2%, ending a three-day rally, while the Dow Jones lost 134 points. Nvidia and Tesla plunged more than 5.5%, while major tech firms like Meta, Amazon, and Alphabet slid over 2%.
Auto stocks also weakened after reports that President Trump would introduce new tariffs on vehicle imports at 4 p.m. ET, with General Motors slipping 3%. Uncertainty surrounding the scope and impact of these tariffs has fueled market volatility, raising fears of retaliation and broader economic fallout.
Meanwhile, energy stocks gained as oil prices climbed following US threats of tariffs on nations buying Venezuelan crude. Investors now await Friday’s PCE inflation report, a key factor in the Federal Reserve’s next policy decision.
Source: Trading Economics