Global markets faced a severe downturn following President Trump's announcement of tariffs on all trading partners, surprising investors and leading to major stock index declines. The S&P 500 and Nasdaq 100 futures experienced sharp drops of 3.5% and over 4.3%, respectively, while the Dow faced a near 1,000-point drop. Major companies relying on global supply chains, including Apple and Amazon, saw significant share price drops. Amid this turmoil, investors flocked to gold, driving its price to a new high, indicating a preference for safe havens during trade uncertainty.
In after-hours trading, shares of Apple Walmart, and Nike dropped 7%, while Amazon fell 6%. Nvidia, which relies on overseas manufacturing for some of its advanced chips, was down almost 6%.
Fueled by anxiety over Trump's often on-again, off-again tariff policy, Wall Street is already licking its wounds after wrapping up the worst quarter since 2022.
This - I think, fair to say - is worse than the worst-case scenario of the tariffs that many in the market expected the president to impose, said Fortt.
Gold hit a new record of nearly $3,160 an ounce as bullion - one of the few commodities exempted from the tariff.
Collection
[
|
...
]