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US stock markets see worst day since Covid pandemic after investors shaken by Trump tariffs (www.theguardian.com)

submitted 1 week ago by [email protected] to c/[email protected]

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US stock markets tumbled on Thursday as investors parsed the sweeping change in global trading following Donald Trump’s announcement of a barrage of tariffs on the country’s trading partners.

All three major US stock markets closed down in their worst day since June 2020, during the Covid pandemic. The tech-heavy Nasdaq fell 6%, while the S&P 500 and the Dow dropped 4.8% and 3.9%, respectively. Apple and Nvidia, two of the US’s largest companies by market value, had lost a combined $470bn in value by midday.

Meanwhile, the US dollar hit a six-month low, going down at least 2.2% on Thursday morning compared with other major currencies and oil prices sank on fears of a global slowdown.

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[–] [email protected] 5 points 1 week ago* (last edited 1 week ago)

He is correct about the being wealthy part, at least in the short term, as long as "we" in that sentence refers to him and Elon Musk, and possibly a few other billionaires who were at his inauguration. Somebody has to take all the resources that are being lost by the American people.