One of the most pivotal weeks in years - even decades - for the global economy closed on Friday to the sound of the Nasdaq crashing into a bear market as investors fear U.S. President Donald Trump's trade war will tip the world into recession. Less than 48 hours after Trump raised tariff barriers to the highest in over a century, China on Friday said it would slap additional 34% duties on all U.S. imports, escalating the global trade war to new, dangerous heights. Any hopes investors had of Federal Reserve Chair Jerome Powell coming to the rescue by signaling a readiness to cut interest rates - as Trump had appeared to pressure him into doing in a social media post earlier in the day - were dashed, as Powell stressed the "elevated risks" to both growth and inflation.
Tech 'Armageddon': One of biggest AI bulls says tariffs will be the end of Wall Street's hottest trade
"The economic pain that will be brought by these tariffs are hard to describe and can essentially take the US tech industry back a decade," Dan Ives said.
US stocks are plummeting again after China hits back and Powell says the Fed is in no rush to cut rates
Stocks tumbled again on Friday after China said it would impose a 34% tariff on US imports, while European markets continued to slide.
S&P 500 Gains and Losses Today: Index Thrashed as China Strikes Back on Tariffs
The S&P 500 plummeted 6.0% on Friday, April 4, after China responded to Trump's tariff declaration with its own duties on goods imported from the U.S.
Nasdaq confirms it is in bear market, ending more than 20% below record close
The index ended down 5.8% on Friday, after China announced additional tariffs of 34% on U.S. goods in retaliation for steep tariffs Trump announced against China on Wednesday. The Nasdaq Composite index ended down 962.82 points at 15,587.79, versus its December record close of 20,173.89. Along with the S&P 500 and the Dow Jones Industrial Average, the Nasdaq also on Friday marked its deepest two day selloff since March 2020, at the height of the COVID-19 pandemic.
Nvidia, Apple, Tesla stocks plunge, leading another 'Magnificent 7' sell-off as a trade war intensifies
Nvidia and Tesla led megacaps lower on Friday as stocks continued to sell off amid a global trade war.
US Stock Market Wipes Out Over $5 Trillion on Trump’s Tariff War
(Bloomberg) -- The S&P 500 Index declined to the lowest level in 11 months, slashing $5.4 trillion in market value in just two sessions as Federal Reserve Chairman Jerome Powell said the Trump administration’s tariffs “could have a persistent impact on inflation.”Most Read from BloombergHousing Agency Aims to Relocate Its DC HeadquartersMetro-North Is Faster Than Acela on NYC-New Haven Route After Signal UpdatesLocal Governments Vie for Fired Federal WorkersWhat Would ‘Transportation Abundance’
VIX Closes at Highest Since 2020 as Stock Slide Accelerates
(Bloomberg) -- The Cboe Volatility Index closed at the highest level since April 2020, as a spiraling trade war pushed the S&P 500 to an 11-month low.Most Read from BloombergHousing Agency Aims to Relocate Its DC HeadquartersMetro-North Is Faster Than Acela on NYC-New Haven Route After Signal UpdatesLocal Governments Vie for Fired Federal WorkersWhat Would ‘Transportation Abundance’ Look Like?London Clears Final Hurdle for More High-Speed Trains to EuropeTotal put option volume rose to a record
What Analysts Think of Delta Air Lines Stock Ahead of Earnings
Delta Air Lines is set to report first-quarter results Wednesday, with analysts having grown more cautious about air travel demand amid rising economic uncertainty.
Largest-ever crypto survey reveals shocking number of American holders
Ripple counsel Stuart Alderoty finds that 1 in 5 U.S. adults now use crypto, with growing trust, diverse adoption, and strong support for balanced regulation.