NEW YORK – The U.S. stock market suffered a devastating blow as fears over escalating trade tensions wiped out $1.15 trillion in a single day, sending shockwaves through Wall Street.
The Dow Jones Industrial Average plummeted 427 points, while the Nasdaq officially entered correction territory as uncertainty surrounding trade policies rattled investor confidence. The sell-off followed retaliatory measures from Canada, China, and Mexico, which struck back with counter-tariffs in response to the U.S.’s aggressive trade stance.
Adding fuel to the turmoil, Treasury Secretary Bessent escalated the rhetoric, calling Canadian Prime Minister Justin Trudeau a “numbskull” and doubling down on the administration’s “America-first” approach. The conflicting signals from the White House further deepened market volatility, leaving investors scrambling for clarity.
The turmoil extended beyond stocks, with AI sector shares tumbling, corporate layoffs surging, and concerns over rising costs mounting. The latest developments have set the stage for what is expected to be a grim jobs report due tomorrow, potentially exacerbating fears of an economic slowdown.
With tensions running high and uncertainty clouding the outlook, investors brace for more turbulence in the days ahead.
Source: NBC News
