US President Donald Trump and Russian President Vladimir Putin met at an Alaska military base to discuss ending the Russia-Ukraine war. The two leaders are joined by their respective advisors, while a second meeting could include Ukrainian officials.
Market woes intensified after a recent survey showed US consumer sentiment declined in August, with expectations of inflation and unemployment rising. Year-ahead inflation jumped to 4.9%, long-term inflation expectations reached 3.9%, and import prices rose month-over-month.
The Trump administration’s tariffs are also causing concerns, with the president hinting at high rates for semiconductor imports, potentially up to 200% or 300%. This news led to a drop in stocks such as Apple, which fell -0.51%.
In the US stock market, the S&P 500 closed down -0.23%, while the Nasdaq 100 plummeted -0.44%.
Source: https://www.tipranks.com/news/stock-market-news-review-spy-qqq-stumble-on-souring-consumer-sentiment-as-trump-putin-summit-begins