NEW YORK CITY, NY (VINnews)-The stock market experienced a dramatic sell-off on Wednesday, with the Dow Jones Industrial Average plummeting 2,230 points, or 5.5%, while the S&P 500 plunged 6%. The tech-heavy Nasdaq declined 5.8%.
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The Nasdaq Composite, home to many tech companies that sell to China and manufacture there as well, dropped 5.8%, to 15,587.79. This follows a nearly 6% drop on Thursday and takes the index down by 22% from its December record, a bear market in Wall Street terminology.
The selling was broad with only 14 members of the S&P 500 higher on the day. Major market indexes closed at their lows of the session.
The Dow’s loss was its worst single-day point drop since June 2020, while the S&P 500’s decline was its biggest since June 2022. The Nasdaq’s fall was its worst since March 2020.
The sell-off was broad-based, with all 11 sectors of the S&P 500 finishing in the red. Energy, financials, and technology were among the hardest hit sectors.
China’s commerce ministry said Friday the country will impose a 34% levy on all U.S. products, disappointing investors who had hoped countries would negotiate with Trump before retaliating.
Technology stocks led the bleeding Friday. Shares of iPhone maker Apple slumped 7%, bringing its loss for the week to 13%. Artificial intelligence bellwether Nvidia pulled back 7% during the session, while Tesla fell 10%. All three companies have large exposure to China and are among the hardest hit from Beijing’s retaliatory duties.
Outside of tech, Boeing and Caterpillar — big exporters to China — led the Dow lower, falling 9% and nearly 6%, respectively.
At this point I have to admit, I have buyer’s remorse.
So much winning!
Make the Recession Great Again! The recession gonna be so GREAT like no one ever seen before. Trump is the GOAT at everything!
Should we buy Nvidia now?
Trump his openly exploring a possible THIRD TERM as POTUS, he would be well advised to concentrate and focus his energy to fix this messy economy or not only WONT there be a third term, he might have a hard time completing his SECOND TERM, his own party will disown and impeach him !
Tech still up 768,000%
Pure BS. Everything will be fine , just give it a chance. WSJ slamming Trump and publishing comments by the JP Morgan & Goldman Sachs that recession it coming. Just saw Higbie on Newsmax who asks : Then how come these boys aren’t selling their shares ? Exactly. They’re fear mongering globalist Trump haters.
Videos of Pelosi, Schumer, Bernie, Obama ALL praising tariffs years ago going viral.
The only reason it’s down is because china and eu are cashing out now because it’s retaliation for tariffs. Otherwise nothing happened. China has about 2 trillion in USA markets and eu has about 5 trillion
These valuations are redicullus apple doesn’t sell a billion iPhones a year … people just park their money in stocks and real estate and speculate it has to go up. But it doesn’t have to go up