S&P 500 Drops Most in Six Months on Trump Tariff Spat With China
The US Capitol in Washington on Oct. 8.
Photographer: Eric Lee/BloombergA months-long calm on Wall Street came to an end Friday when US stocks suffered their worst selloff in six months after President Donald Trump threatened “a massive increase of tariffs on Chinese products” imported into the US.
The S&P 500 Index wiped out its weekly advance after tumbling 2.7%, its worst day since April 10, when the tariff-induced selloff rattled financial markets. The Nasdaq 100 Index sank 3.5%. A basket of the so-called Magnificent Seven companies plunged 3.8%, led by losses in Tesla Inc. and Amazon.com Inc. while Nvidia Corp. slid nearly 5%.