Stocks Suffer Second Worst Day of Year as Tariffs Sap Sentiment
This article is for subscribers only.
US stocks tumbled to their second-worst day of the year as risk assets were pummeled by renewed concerns a flurry of tariffs will stoke inflation just as signs mount that consumer sentiment and spending are buckling.
The macro blows landed in a market already battered in the one area it can least afford: tech. Investors ramped up their selling of the winners from the past two years, unloading the likes of Nvidia Corp. and its Magnificent 7 cousins, along with profitless tech companies and erstwhile darlings like Palantir Technologies Inc. and Reddit Inc. The highly anticipated trading debut of cloud computing firm CoreWeave Inc. landed with a thud, adding to woes in the IPO market.