US market fell off the cliff as stocks tanked on Trump tariff blitz.
At the close, Dow registered its 7th worst fall in history, down -1,679pts to 40,545, S&P500 plummeted -4.84% to 5,396 and Nasdaq plunged -5.97% to 16,550
An ugly day on Wall St, small caps and tech have entered bear market territory, that saw double digit declines in even the biggest names
* Mag7 stocks were smashed
- AAPL -9.25%
-NVIDIA -7.82%
-Meta -8.96%
-Amazon -8.98%
-Tesla -5.52%
-MSFT -2.36%
-Alphabet -4.02%
* Retail stocks crushed
- RH -40.11%
-Wayfair -25.59%
-Kohl's -22.79%
-Gap -20.38%
- Best Buy -17.85%
* Energy stocks slammed
Oil- XLE -7.85%
-Exxon -5.29%
-Chevron -6.22%
-Occidental -11.03%
-Schlumberger -7.06% Coal
-Peabody Energy -10.08%
-AMR -7.24%
-Warrior Met Coal -5.95% Lithium
-LIT -4.01%
-Albemarle -7.96%
-SQM -0.91%
-LAC -2.17%
-Patriot Battery -6.72%
* Bank stocks plunged
-XLF -4.92%
-JP Morgan -6.97%
-Morgan Stanley -9.51%
-Wells Fargo -9.11%
-Goldman -9.21%
-Bank of America -11.10%
-Citigroup -12.14%
* Travel stocks plummeted
-Carnival -13.71%
-Royal Caribbean -11.04%
-American Express -9.97%
-Expedia -9.25%
-United Airlines -15.61%
-Delta Airlines -10.77%
-American Airlines -10.25%
-Airbnb -7.19%
* Copper stocks hit
-BHP -2.92%
-Rio Tinto -2.45%
-Freeport -12.28%
-Southern Copper -8.13%
-Teck Resources -9.36% * Silver stocks dived
-SLV -6.08%
-SIL -1.71%
-SILJ -2.50%
-PAAS -5.97%
-Endeavour -5.87%
Gold fell to an intraday low of $3054 before a rebound closing -$18 off at $3114 , AUD Gold -0.99% to $4924 on Aussie dollar strength (63.25c, gone as high as 63.89c in a wild currency swing).
In after hours, Trump contradicted Peter Navarro's statement that tariffs are not negotiable, the President instead indicating he is open to tariff negotiation if countries can offer something substantial to the table.
We know what he is getting at - for China it is probably TikTok sale, for EU it is probably Greenland, for Canada it is probably becoming 51st state.
So America is holding other countries hostage to its tariffs and engaging in "extortion". Trump 2.0 has made the US become so low and despicable.
If we go back to first principles, we have been told time and time again to not yield to paying ransom for any stolen data from a cyberattack, because that would only just be encouraging the crime and emboldening the perpetrator.
