Market Selloff Erases Gains After Trump's Tariff Reprieve
Summary
Stocks plunged on Thursday, erasing gains from the previous day's rally, as investors grappled with the uncertainty surrounding President Trump's 90-day tariff reprieve and the potential for escalating trade tensions with China.
Key Points
- Stocks fell on Thursday, giving back some of the gains from the historic rally seen the previous day after President Trump announced a 90-day reprieve on some tariffs.
- The S&P 500 dropped 3.46%, the Nasdaq Composite slid 4.31%, and the Dow Jones Industrial Average fell 1,014.79 points or 2.5%.
- Losses accelerated after the White House confirmed the cumulative tariff rate on China would total 145%, consisting of the new 125% duty plus the existing 20% rate.