US Stocks Fall Sharply as Trade Fears Mount
US stocks tumbled on Friday, retreating from recent highs after President Donald Trump rattled markets with threats of a “massive” tariff hike on Chinese goods and suggested he might cancel his upcoming meeting with President Xi Jinping.
The S&P 500 fell 2.7%, the Dow dropped 879 points, or 1.9%, and the Nasdaq slid 3.6%, wiping out weekly gains despite recent record levels. Trump accused China of leveraging rare earths to dominate global markets and criticized Beijing’s new export controls, stoking concerns over renewed US-China trade tensions.
Technology and semiconductor stocks bore the brunt of the decline, with AMD down 7.8%, Nvidia falling 5%, and Qualcomm dropping 7.3% following an antitrust probe in China. The sell-off was further intensified by the US government shutdown, now in its 10th day, which has delayed economic data and heightened market uncertainty. For the week, the S&P 500 and Nasdaq are down more than 1%, while the Dow lost 2% lower.
Source: Trading Economics
