US Stock Sell-Off Worsens Amid Escalating Trade War
The S&P 500 experienced a 4.2% decline, the Dow plummeted by 1,380 points, and the Nasdaq fell by 4.1% on Friday, reaching their lowest points since the previous May and intensifying the prior session's downturn. Federal Reserve Chairman Jerome Powell cautioned that the new tariffs could have a more significant economic impact than anticipated and stressed the need for the central bank to curb rising inflation. The trade conflict intensified as China's finance minister declared a 34% tariff on all imports from the United States, mirroring the levy that President Trump had imposed earlier in the week. Investor apprehensions are mounting, with economists predicting increased prices, slower economic growth, and the potential for a recession. Despite this, payrolls rose beyond projections, indicating a robust labor market. Losses were extensive across sectors, with energy suffering the most, followed by financials, technology, and industrial sectors. Large-cap stocks saw notable declines, including drops in Apple (-4.5%), Microsoft (-1.6%), Nvidia (-7.5%), Amazon (-1.3%), Meta (-4.6%), Alphabet (-1.4%), and Tesla (-9.5%).
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