Stocks plummeted sharply on Thursday, with major indexes dropping significantly due to concerns over tariffs on China. The S&P 500 fell nearly 3.5%, while the Nasdaq Composite tumbled 4.3%. The Dow Jones Industrial Average dropped 1,014 points, or 2.5%.
The White House confirmed that total tariffs on China will now be 145% when accounting for existing duties. This news came as a surprise to investors, who had previously thought the tariff rate would be around 125%. Stocks quickly hit session lows following this announcement.
Market strategist Eric Criscuolo stated that “the consistent move lower today is showing a large shadow of uncertainty remains.” The market’s volatility and pressure from tariffs are ongoing concerns. A report on Thursday’s Consumer Price Index (CPI) showed core prices increasing 2.8% in March, their lowest annual increase in four years.
Individual stocks also suffered losses. Tesla fell 7.3%, while Nvidia dropped 5.9%. Experts say the market is being “whipsawed” due to public policy chaos. The tariff headlines highlighted that the overall effective tariff rate is still at its highest level in over a century, with estimates ranging from 27% to 22.5%.
The uncertainty surrounding tariffs and their impact on the economy remains a major concern for investors. As one expert noted, “there’s more uncertainty as we negotiate and figure out what actually happens towards the end of the next 90 days.”
Source: https://finance.yahoo.com/news/stocks-pummeled-as-nasdaq-sinks-4-dow-drops-1000-points-as-new-china-tariffs-loom-over-markets-202110047.html