Dow tumbles 1,000 points, wiping out a chunk of Wednesday’s historic rally
Stocks fell Thursday, giving back some of the gains from the historic rally seen in the previous session after President Donald Trump announced a 90-day reprieve on some of his “reciprocal” tariffs. Investors worried that even with the short pause on some of the duties, economic activity will be slowed by Trump’s singling out of China with a much higher rate.
The S&P 500 sold off 3.46% and closed at 5,268.05, while the Nasdaq Composite slid 4.31% to end at 16,387.31. The Dow Jones Industrial Average dropped 1,014.79 points, or 2.5%, settling at 39,593.66.
Notable decliners included Apple and Tesla, which pulled back 4.2% and 7.3%, respectively. Nvidia lost nearly 6%, while Meta Platforms slipped almost 7%.
Losses accelerated after the White House confirmed to CNBC on Thursday that the cumulative tariff rate on China would actually total 145%. This consists of the new 125% duty on goods, on top of the 20% rate levied in response to the fentanyl crisis.
Nonetheless, Trump said later in the afternoon that he is not ruling out an extension to the tariff pause.
“We’ll have to see what happens at that time,” Trump said at a Cabinet meeting.
Source : CNBC
