US Stock Market Wipes Out Over $5 Trillion on Trump’s Tariff War
The Nasdaq 100 plunged 6.1%, entering a bear market.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
The S&P 500 Index declined to the lowest level in 11 months, slashing $5.4 trillion in market value in just two sessions as Federal Reserve Chairman Jerome Powell said the Trump administration’s tariffs “could have a persistent impact on inflation.”
The S&P 500 closed 6% lower in its worst day since March 2020, with all but 14 members in the red. The Nasdaq 100 plunged 6.1%, entering a bear market. The swiftness of the gauge’s 20% drop from its February peak is rivaled only by the pandemic meltdown in 2020 and 2000’s dot-com implosion. All 11 sectors in the S&P 500 declined. Nvidia Corp. and Apple Inc. fell at least 7%, while Tesla Inc. lost 10%.