Trump said Friday his “POLICIES WILL NEVER CHANGE,” even as Wall Street reacts scathingly to the tariffs.
Topline
Investors did not get the rebound from Thursday’s historic losses they may have hoped for, as stocks again slid considerably as the market digests President Donald Trump’s tariffs while China, the world’s second-largest economy, slapped a 34% retaliatory tariff on American imports.Key Facts
Thursday was the sharpest daily decline since 2020 for each of the three major U.S. indexes – the Dow Jones Industrial Average (-4%, or 1,680 points, Thursday), the S&P 500 (-5%) and the tech-heavy Nasdaq (-6%) – and things got even worse in the market Friday.
The Dow fell 4.4%, or about 1,770 points, by early afternoon, extending its two-day loss to about 3,500 points, while the S&P and Nasdaq fell about 5% apiece Friday, sending the S&P’s decline since Trump’s Wednesday tariff announcement to 9% and the Nasdaq’s to 11%.
All three indexes are down at least 10% from their record levels set a few months ago, residing in correction territory, and the Nasdaq fell into a bear market as it traded more than 20% below its December all-time high, entering its first bear market since 2022.
Stocks slid to their lowest levels in several months, as the Dow and S&P hit their lowest intraday prices since May and the Nasdaq touched its cheapest level since April.
