After short-lived rally, the market resumes its downward trend, hammered heavily yet again due to higher-than-expected sweeping reciprocal tariffs announced by President Trump, which is raising the risk of a global trade war that plunges the economy into a recession.
Stocks plummeted, Dow nosedived 1,600 points, S&P 500 and Nasdaq drop the most since 2020 after Trump’s tariff onslaught. S&P 500 dropped 4.84%, Nasdaq plummeted 5.97%, the bearish sentiment is pervading the Wall Street.
Investors turned to bonds in their search for safety. The benchmark 10-year Treasury yield fell as low as 4% as bond prices increased.
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