Wall Street tumbled amid tariff-driven recession fears in the US economy, triggering sharp selloffs in the big tech stocks, wiping out billions of euros in market valuation.View on euronews
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US stock futures held steady after another brutal sell-off rocked Wall Street and deepened fears about the economy's trajectory.
The 4% drop in the Nasdaq on Monday marked its worst day in years as Trump refused to rule out recession.
U.S. stocks finally caught up overnight with what currency and bond markets have been saying for several weeks: A slowdown is coming. Tesla shares have halved since their post-election peaks and the dollar, which had been rising in anticipation of Donald Trump's policies, has now begun sliding as he slaps tariffs on his neighbours. Citi downgraded its U.S. asset allocation recommendation, cutting stocks to "neutral" from "overweight" after the market closed, saying that for the next few months at least it's not clear that the U.S. economy's outperformance can continue.
All seven tech darlings tanked on Monday, pushing the Nasdaq down 3%.
Asian benchmarks skidded on Tuesday, as worries grew about ripple effects of President Donald Trump's tariffs on regional economies and companies. Japan's benchmark Nikkei 225 sank 0.8% to 36,793.11, its lowest close in six months but up from a more than 2% loss earlier in the day. “Heightened anxiety surrounds both existing and incoming U.S. tariffs, along with retaliatory measures from trading partners, and China’s newly effective tariffs will continue to weigh on equities,” said Anderson Alves, a trader at ActivTrades.
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Tesla Shares Have Fallen 55% From Their Record High in Mid-December
SINGAPORE (Reuters) -Asian stocks fell sharply on Tuesday as a market selloff extended on mounting worries that a wide-ranging trade war could dent U.S. economic growth and lead to a recession, sending skittish investors to the safe-haven Japanese yen. Investor concerns about the potential economic slowdown were exacerbated after President Donald Trump in a Fox News interview talked about a "period of transition" while declining to predict whether his tariffs would result in a U.S. recession.
