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Stock market today: Dow, S&P 500, Nasdaq futures crater after China announces first retaliatory tariffs
- Yahoo Finance’s Josh Schafer reports:
- Read more here.
- European stocks continued slumping Friday as a widespread global sell-off over growing recession fears and escalating trade wars kicked up a notch.
- The pan-European Stoxx 600 (^STOXX) and Germany’s DAX (^GDAXI) both fell 4.7%. Meanwhile, the CAC (^FCHI) in Paris dropped 4.2%. In London, the benchmark index (^FTSE) was down 3.8%.
- European Commission President Ursula von der Leyen said the European Union was preparing a package of countermeasures against the US if trade talks fail. On Thursday, French President Emmanuel Macron also indicated the Europe would hit back, calling for European companies to suspend planned investment in the United States. And the UK indicated it planned to take a tougher stance on trade as well.
- European stocks are headed for their biggest weekly loss in three years. However, US stocks fared worse on Thursday as investors grappled with President Trump’s sweeping reciprocal tariff plan (see chart below).
- Oil sank to multiyear low levels on Friday after China announced retaliatory tariffs against the US in response to President Trump’s recent sweeping levies.
- West Texas Intermediate (CL=F), the US benchmark sank as much as 8% to hover near $61 per barrel, while Brent (BZ=F) declined more than 7% to below $65 per barrel. The last time Brent and WTI traded around these levels was in 2021.
- Oil extended losses from the prior session when it settled more than 6% lower amid fears of deteriorating demand after Trump’s retaliatory tariffs against US partners were announced on Wednesday. Subsequently, the decision by OPEC+ to increase production output next month more than expected also sent futures lower.
- Wall Street appears headed for another ugly day as China offered a first retaliatory volley in response to President Trump’s tariffs.
- Dow futures are down over 1,400 points, and Nasdaq and S&P 500 futures are both off over 3.5%.
- The yield on the 10-year Treasury (^TNX) fell below 4% on Friday morning as investors flocked to bonds amid trade-war and recession fears.
- The benchmark yield fell as much as 15 basis points to 3.88%, the lowest level since President Trump took office. The move came after China announced retaliatory tariffs on US imports in reaction to Trump’s sweeping reciprocal tariffs earlier this week.
- Fears of a global slowdown or recession gripped investors after Trump set steeper-than-expected tariffs on US trading partners, sending the stock market into a tailspin.
- Trump’s announcement on Wednesday brought levies against Chinese made imports to 54%. Analysts believe those levies will impact a variety of goods, including clothing, toys, and electronics.
- GameStop (GME) initially jumped over 3% in premarket Friday after CEO Ryan Cohen bought 500,000 more shares, but has since slipped almost % as trading unfolds.
- Reuters reports:
- Read more here.
- Oil prices declined in early Friday trading in Asia, on track for their worst week in months, as President Trump’s new tariffs fueled fears of a global trade conflict that could dampen oil demand.
- Reuters reports:
- Read more here.
